USD/CHF stuck in tight range below 200-DMA

USD/CHF stalled its minor-recovery just ahead of the mid-point of 0.97 handle, sending the rate back towards daily lows as investors shift their attention towards the US elections today.

USD/CHF awaits US elections

Currently, the USD/CHF pair trades almost unchanged at 0.9743, having hit fresh session lows at  0.9741 some minutes ago. The US dollar paused its risk-on rally led by increased odds of a Clinton win, propelling a brief consolidation mode in the USD/CHF pair.

Moreover, the Swiss franc finds support from persisting cautious tone in the markets as traders refrain from taking positions in risky/higher-yielding assets ahead of the highly influential event for this month, the US presidential elections, to be held later today.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9800 (round figure) and above which it could extend gains to 0.9850/52 (psychological levels/ 20-DMA) and 0.9903 (Nov 1 high) next. To the downside, immediate support might be located at 0.9730 (5-DMA/ daily low) and below that 0.9685 (daily S3) and from there to 0.9635 (Sept lows).

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