USD/CHF flirting with high near 1.0300 handle

The USD/CHF pair held on to its Tuesday's up-move but remained within its near-term consolidative trading range.

Currently hovering just below 1.0300 handle, the US Dollar continues to gain traction as growing expectations of stronger US economic growth, led by aggressive fiscal spending by Trump administration, and has been fueling speculations for tighter monetary policy stance by the US Federal Reserve. 

Looking at the pair's recent price-action, even a slightest of weakness has been seen as a buying  opportunity and could be categorized as consolidation phase within a broader 100-pips trading range, following its recent up-surge to the highest level since August 2010. A strong bullish traction above 1.0300 handle would reaffirm the bullish expectations and pave way for continuation of the pair's upward trajectory in near-term.

Meanwhile, today's release of the Conference Board's consumer confidence index would now be looked upon for fresh trading cues during NY session.

Technical levels to watch

Momentum above 1.0300 handle is likely to confront resistance near 1.0320 level above which the pair is likely to aim towards retesting multi-year high resistance near 1.0345 area. On the downside, weakness back below 1.0265 immediate support would reaffirm near-term consolidation and drag the pair back towards 1.0220 support area. A convincing break below 1.0220 support might negate any near-term bullish bias and turn the pair vulnerable to near-term corrective slide.