USD/CHF surges to fresh session high at 0.9675

Haresh Menghani FXStreet

The USD/CHF pair maintained its strong bid tone amid mixed US Dollar performance and has now moved back to session high level near 0.9675 region.

This week’s much-anticipated Federal Reserve Chairwoman Janet Yellen's speech at Jackson Hole Symposium on Friday would provide fresh clues over the central bank's near-term monetary policy stance. Repositioning ahead of the key event risk seems to have triggered a fresh leg of up-move and might extend additional support to the pair’s recovery.

Moreover, Tuesday's data supported the optimistic view of a robust Q3 GDP growth rate, which is assisting the greenback to build on to its tepid corrective bounce. Today's existing home sales data from the US could add on the bullish expectations and provide additional boost to the ongoing recovery momentum.

Price levels to be considered

Immediate resistance ahead is seen at 0.9662 (Daily Classic R2), 0.9690 (Daily Classic R3), 0.9699 (Daily 20 SMA) and 0.9729 (Weekly Classic R1). Next support to the downside can be found at 0.9648 (Daily Classic R1), 0.9647 (Hourly 200 SMA), 0.9635 (Hourly 20 EMA), 0.9635 (Daily Open) and 0.9635 (Yesterday's High).

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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