USD/CHF eyeing for a break above 0.9650

The USD/CHF pair is seen consolidating the upside in early Europe, mirroring the moves in the US dollar versus its major rivals, despite risk-off market profile.

USD/CHF tracks broad USD upsurge

Currently, the USD/CHF pair rallies +0.40% higher at 0.9641, flirting with session highs previously posted at 0.9645. USD/CHF extends its rebound for the second straight session this Monday, mainly driven by rallying US treasury yields, which gives extra legs to the USD’s recovery from eight-week lows. Meanwhile, the USD index advances +0.42% at 94.90, having bounced-off just ahead of 94 handle.

The major is likely to track the USD price-action closely as this week holds key risk events from the US, including the durable goods and GDP figures, ahead of a 2-day Jackson Hole Symposium.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9663 (10-DMA) and above which it could extend gains to 0.9706 (20-DMA). To the downside, immediate support might be located at 0.9606 (5-DMA) and below that 0.9585 (Aug 18 low).