USD/CHF flirting with session tops ahead of ADP report

The USD/CHF pair finally seems to have broken out of its daily consolidative range and refreshed session tops just ahead of the US macro data. 

The pair extended overnight strong recovery move from 2-year lows and is currently placed at weekly tops around 0.9575-80 band amid improving investors' risk appetite. With investors now looking past the North Korean related risk-off move a solid rebound in global equity markets was seen weighing on the Swiss Franc's safe-haven appeal.

This coupled with a follow through pickup in the greenback demand, with the key US Dollar Index building on overnight sharp recovery move from over 2-1/2 year lows, further collaborated to the pair's modest uptick on Wednesday. 

Investors' focus now turns to the US economic docket, featuring the release of ADP report and revised GDP numbers, which would now influence the pair's movement through NY trading session. 

   •  US: ADP employment and Q2 GDP estimate in the limelight - Rabobank

Technical levels to watch

Bulls would be eyeing for a move beyond the 0.9600 handle, above which a bout of short-covering could lift the pair towards 0.9655 intermediate resistance en-route the 0.9700 round figure mark. 

On the flip side, 0.9550-40 area now seems to have emerged as immediate support, which if broken would turn the pair vulnerable to head back towards retesting the key 0.95 psychological mark.