Resurgent greenback buying interest across the board helped the USD/CHF pair move past 1.0200 handle and rise to fresh weekly high.
Currently trading at a fresh session peak, around 1.0210 region, the pair caught fresh bids near mid-1.0100s (5-day SMA) as investors seemed to unwind any short-term bearish US Dollar bets ahead of the much-awaited US President-elect Donald Trump's first formal press conference, scheduled later during the day.
Following Donald Trump's surprise victory, the greenback has witnessed a strong rally on growing speculations of aggressive fiscal policies by Trump administration. Hence, the greenback runs the risk of a sharp reversal should the press conference turn out to be uneventful or Trump fails to provide any fresh detail on the possible size of his proposed stimulus measures.
Technical levels to watch
A follow through buying interest above 1.0220 level (Jan. 5 high) is likely to boost the pair back towards 1.0270-75 horizontal resistance ahead of 1.0300 round figure mark. On the downside, weakness back below 1.0170-65 immediate support would turn the pair vulnerable to head back towards 1.0100 psychological mark.