USD/CHF hits fresh multi-month high amid renewed USD strength

The USD/CHF pair reversed its early slide to session low of 0.9983 and is now attempting to build on to its momentum above parity mark. 

Currently trading at a fresh multi-month high, around 1.0020 region, the pair caught fresh bids at lower level and turned higher for the seventh straight session amid renewed prevalent risk-on mood, which seems to be denting the Swiss Franc's safe-haven appeal. 

The pair's recovery got an additional boost after comments from FOMC member James Bullard pointed towards a possible Fed rate-hike action in December. In absence of any major market moving releases, the current bounce from session low reaffirms the pair's well-established near-term up-trend amid increasing prospects of an eventual Fed rate-hike decision. 

Looking ahead, today's second-tier US economic releases, featuring Industrial Production and Capacity Utilization Rate, might provide some short-term trading opportunities.

Technical levels to watch

From current levels, 1.0030 area is likely to act as immediate resistance above which the pair is likely to dart towards March highs resistance near 1.0085-90 region. On the downside, weakness back below 1.00 psychological mark, leading to a subsequent drop below session low support near 0.9980 region, is likely to trigger a corrective slide towards 0.9945 intermediate support before the pair eventually drops to 0.9915-10 horizontal support.