USD/CHF: Bulls striving hard to conquer 0.99 handle

After a brief overnight consolidation phase, the US dollar finally broke higher against its Swiss counterpart in early Europe, driving the USD/CHF pair back towards three-month tops.

USD/CHF catches fresh bids

Currently, the USD/CHF pair turns positive and trades at fresh daily highs of 0.9893, aiming to reclaim 0.99 handle. The USD/CHF pair picked-up significant strength in the last hour, mainly driven by fresh USD buying across the board, as markets prefer to hold the US currency heading into the FOMC meeting minutes.

Meanwhile, the USD index hovers within a striking distance of seven-month highs reached yesterday at 97.75.

Markets now eagerly await the Swiss ZEW economic expectations data ahead of Fedspeaks and FOMC meeting minutes lined up for release later in the NA session.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9901 (multi-month highs) and above which it could extend gains to 0.9955 (Jul 27 high) and 1.0000 (parity) next. To the downside, immediate support might be located at 0.9867 (daily pivot) and below that 0.9831 (5-DMA) and from there to 0.9795 (10-DMA).