USD/CHF well-bid for third straight session, hits fresh weekly high

The USD/CHF pair traded with mild positive bias for the third consecutive session within 30-pips trading range above mid-0.9900s.

Currently trading around 0.9970-75 band, the ongoing greenback recovery momentum, with the US Dollar Index attempting a move towards reclaiming the key 100.00 psychological mark, helped the pair to build on previous two session's strong recovery gains to multi-day tops.

However, a fresh wave of slide in the US treasury bond yields, coupled with subdued opening in the European equity markets, pointing to cautious investors' sentiment should support the Swiss Franc's safe-haven appeal and might collaborate towards capping further up-move for the major. 

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Focus shifts back to the US economic fundamentals, with the scheduled release of the final revision of the US GDP numbers for the fourth quarter of 2016 later during early NA session. Apart from the growth numbers, speeches from couple of FOMC members - Dallas Fed President Robert Kaplan and San Francisco Fed President John Williams would also be looked upon for some fresh impetus during the NY trading session.

Technical levels to watch

Immediate resistance is pegged near 0.9985 level, above which the pair seems all set to surpass parity mark and head towards testing 1.0028-30 intermediate support ahead of 100-day SMA hurdle near 1.0070-75 region.

On the downside, support is seen near mid-0.9900s, below which the pair could slide back to the very important 200-day SMA support near 0.9925 region. A follow through weakness back below 200-day SMA now seems to drag the pair back below the 0.9900 handle towards its next support near 0.9880-75 zone.