USD/CHF breaking higher towards 0.9900

The USD/CHF pair finally broke its Asian consolidative phase and jumped to the upside ahead of the European open, with the bulls now looking to reclaim 0.99 handle.

USD/CHF takes-out stiff resistance at 0.9880

Currently, the USD/CHF pair trades 0.17% higher at fresh session highs of 0.9888, revisiting daily tops previously printed at 0.9895. The major caught a fresh bid tone in early Europe as the greenback appears to resume its last week’s bullish momentum amid increased odds of a Fed rate hike this year. The USD index stalled its corrective slide and reverted on the bids against its major peers, up +0.05% at 97.45.

Later this week, the main risk event is expected to be FOMC monetary policy decision due on Wednesday, while a fresh batch of economic releases due out from the US docket will be also closely eyed for further momentum on the pair.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9906/08 (previous tops) and above which it could extend gains to 0.9950 (psychological levels). To the downside, immediate support might be located at 0.9826 (20-DMA) and below that 0.9761 (50-DMA).