USD/CHF surges to 0.9925, now eyeing weekly high

The USD/CHF pair's recovery gained further traction above 0.9900 handle, lifting the pair to session high level of 0.9927 after the US Q1 GDP was revised higher.

The greenback turned higher against most major currencies after the first quarter growth was revised higher to show a growth of 0.8% annualized rate as compared to a 0.5% growth estimated in the previous release.

During European session, the major turned higher on broad recovery posted by the greenback. The pair extended its momentum beyond 0.9900 handle and has now moved within striking distance of retesting nearly 3-month high level of 0.9938, earlier touched on Tuesday. A follow through strength above weekly high seems to trigger stop-losses and thus accelerate the up-move.

Technical levels to watch

A clear break through weekly highs resistance near 0.9935-40 region set the stage for extension of the pair's near-term bullish momentum towards reclaiming the very important 1.000 psychological mark.

Meanwhile on the downside, weakness back below 0.9900 handle and a subsequent drop below Thursday's low support near 0.9870, now seems to get extended towards testing an important confluence resistance break-point turned immediate strong support near 0.9835 region.