The bulls failed yet another attempt to regain 0.99 handle, sending the USD/CHF back towards the familiar range around 0.9875 levels.
USD/CHF tracks USD index lower
Currently, the USD/CHF pair trades -0.17% lower at fresh session lows of 0.9873, reversing a spike to 0.9895 witnessed in the last hour. A renewed rally in the USD/CHF pair lost steam once again just shy of 0.99 barrier, after a tepid bounce seen in the US dollar against its main competitors waned, as the EUR traders hit their desks and react negatively to disappointing US economic releases.
Moreover, markets remain cautious ahead of the US CPI report, which may provide fresh hints on the Fed’s rate hike prospects this year, and hence, flee to safe-havens such as the Swiss franc.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9921 (multi-month highs) and above which it could extend gains to 0.9955 (Jul 27 high) and 1.0000 (parity) next. To the downside, immediate support might be located at 0.9860 (10-DMA) and below that 0.9800 (key support) and from there to 0.9769/60 (100 & 200-DMA).
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