USD/CHF consolidates near 6-week lows, below 0.9600

The USD/CHF stands resilient below 0.96 handle, little changed on the day, as the major remains divided between broad based USD sell-off and risk-on market profile.

USD/CHF recovers from 0.9580

Currently, the USD/CHF pair trades -0.05% lower at 0.9593, having posted day’s high at 0.9604 and day’s low at 0.9580. The major trades in a narrow range, unable to find a clear direction as both the bulls and bears fight for control, as the risk-on rally in the equities continue to weigh on the safe-haven status of the Swiss franc on one hand. While a broadly lower US dollar, which acts a risk-off currency off-late, caps any recovery attempt in the USD/CHF pair.

Amid a lack of significant economic news later today, the major will track the broader market sentiment for further momentum.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9650 (round number) and above which it could extend gains to 0.9717 (20-DMA). To the downside, immediate support might be located at 0.9564 (daily S2) and below that 0.9500.