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USD/CHF taps 0.9700 handle, 2-1/2 week highs

The USD/CHF pair maintained its strong bid tone for the third consecutive session and rose to the 0.9700 handle, the highest level since June 27.


The pair has now recovered around 100-pips from the 0.9600 neighborhood touched on Wednesday and remained underpinned by the recent rally in global bond yields, which curbed demand for the Swiss Franc. 


Traders even shrugged off a mildly softer tone surrounding the US Dollar, with possibilities of some near-term stops getting triggered driving the pair sharply higher over the past hour or so.


It, however, remains to be seen if the up-move is followed by any strong buying interest or turns out to be a short-run amid prevalent cautious environment, which tends to benefit traditional safe-haven currencies, including the Swiss Franc. 


Market participants keenly await the release of important US macro data- monthly retail sales and the latest inflation figures, before positioning for the next leg of directional move. 


   •  US: CPI and retail sales amongst market movers today – Danske Bank


Technical levels to watch


Momentum beyond the 0.9700 handle is likely to confront resistance near the 0.9725 region, above which the up-move could get extended towards June monthly highs resistance near 0.9770 area with some intermediate hurdle near mid-0.9700s.


On the flip side, 0.9655 level now becomes an immediate support to defend, which if broken could accelerate the slide back towards the 0.9600 handle before the pair eventually drops back to multi-month lows support near 0.9555-50 region.



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