USD/CHF breaks higher from downside consolidation

The downside consolidated in the USD/CHF pair appears to lose steam, with the rate now attempting a break higher above the stiff resistance placed near 0.9625 region. 

USD/CHF trades below all major DMAs

Currently, the USD/CHF pair trades +0.18% higher, wavering near session peaks reached at 0.9626 last minutes. The USD/CHF recovery from eight-week troughs appears to have picked-up pace during late-Asia, as the greenback stages as minor-recovery attempt versus its major rivals after the massive slide seen yesterday, largely backed by a sharp JPY appreciation against the USD.

Meanwhile, the USD index, which measures greenback’s relative strength, rebounds +0.13% to 94.87, looking to regain 95 handle. The bulls now await the Swiss ZEW data for fresh impetus, while the main risk event for today remains the FOMC minutes due later in the American afternoon.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9649 (daily pivot) and above which it could extend gains to 0.9693 (5-DMA). To the downside, immediate support might be located at 0.9600 (round figure) and below that 0.9585 (2-month low).