USD/CHF: CHF benefits from US election jitters led risk-off

The USD/CHF extends its bearish consolidation phase into Europe, now attempting a minor-recovery towards the mid-point of 0.97 handle heading into the US jobs and FOMC decision later today.

USD/CHF moves-off monthly lows

Currently, the USD/CHF pair trades -0.15% lower at 0.9740, retracing minor losses from monthly lows reached at 0.9724. The USD/CHF pair remains on the back foot so far this session, consolidating yesterday’s extensive downslide, as the sentiment remains favorable towards safety assets such as the Swiss franc amid resurfacing concerns surrounding the US elections, after a latest poll showed Trump leading the US presidential race.

Moreover, broad based USD weakness on the back of increased cautiousness ahead of the FOMC decision and US elections, also keeps the major under pressure. Meanwhile, the USD index now trades 0.07% lower near fresh 2-week troughs reached at 97.60 levels.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9794 (daily pivot) and above which it could extend gains to 0.9830 (5-DMA) and 0.9884 (10-DMA) next. To the downside, immediate support might be located at 0.9700 (round figure) and below that 0.9685 (daily S1) and from there to 0.9635 (Sept lows).