USD/CHF better bid around 0.9580, session highs

By FXStreet The USD/CHF pair is seen defending the bids amid broad based USD softness, as a lack of fresh fundamental drivers amid holiday-quiet markets, keep the major largely muted.

USD/CHF fails near 0.9600

Currently, the USD/CHF pair trades almost unchanged at 0.9579, easing slightly from fresh session highs printed at 0.9585 in late-Asia. The major is seen consolidating the recent recovery mode from 0.9440 levels and now looks set to conquer 0.96 handle amid improved risk sentiment reflected by Euro Stoxx 50 futures posting moderate gains in early European trading.

Amid light trading, markets now await the US unemployment claims in order to gauge the strength in the US economic recovery and hence, on the Fed rate hike prospects.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9600/29 (round number/ 10-DMA) and above which it could extend gains to 0.9645/58 (1h 200-SMA/ 20-DMA). To the downside, immediate support might be located at 0.9507/00 (daily S2) and below that 0.9446 (9-month low).
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Source:: FX Street