USD/CHF corrects higher to test 0.9750

By FXStreet The USD/CHF pair is currently lock-stepping moves seen in the US dollar against its major peers, attempting a minor-recovery after Monday’s heavy sell-off.

USD/CHF rebounds ahead of Yellen’s speech

Currently, the USD/CHF pair trades 0.10% higher at 0.9746, easing slightly from fresh session highs printed at 0.9750. The major reverses a small portion of the previous massive sell-off and strives hard to resume the ongoing broader uptrend, as the US dollar picks-up momentum ahead of the crucial Fed Yellen’s speech due later in the day. The USD index rises 0.10% to 96.09, recovering from a dip to 95.84 levels.

Moreover, the Swiss franc also tracks the weakness in the EUR/USD pair amid a lack of economic data from the Swiss docket. Looking ahead, markets await the US consumer confidence and S&P/CS Composite-20 HPI index for further momentum on the pair, following mixed batch of economic data released on Monday.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9787/91 (Mar 28 & 25 High) and above which it could extend gains to 0.9827 (200-DMA). To the downside, immediate support might be located at 0.9711/00 (Daily S1/ round number) and below that 0.9651/47 (Mar 18 & 17 Low).
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Source:: FX Street