USD/CHF slips below 0.95 handle to fresh one-month lows

The greenback remained under some renewed selling pressure through early European session, dragging the USD/CHF pair below the key 0.95 psychological mark to fresh monthly lows.

The pair's latest leg of sharp slide over the past hour or so has been primarily led by some renewed greenback selling pressure, with the key US Dollar Index sinking to fresh 16-month lows below the 92.00 handle. Fresh concerns over economic damage caused by Hurricane Harvey added to the already bearish sentiment surrounding the buck and was seen weighing heavily on the major. 

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Adding to this, investors risk appetite took a hit on Tuesday after N. Korea launched a ballistic missile over Japan. The global flight to safety provided an additional boost to the Swiss Franc's safe-haven appeal and was also seen collaborating towards the pair's offered tone. 

With today's fall, the pair has now dropped over 200-pips from the 0.9700 neighborhood touched last week and remains vulnerable to extend the near-term downward trajectory. Later during the day, the release of Conference Board's Consumer Confidence Index would now be looked upon for some immediate respite for the USD bulls. 

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Technical levels to watch

A follow through selling pressure is likely to accelerate the fall towards July daily closing lows support near the 0.9460-55 region before the pair eventually breaks below multi-month lows and darts towards the 0.9400 handle.

On the upside, any recovery attempts might now confront some fresh supply near 0.9525 area, which if cleared might trigger a short-covering bounce towards 0.9555-60 zone en-route 0.9580-85 strong hurdle.