USD/CHF off-lows, re-takes 0.9800

USD/CHF stalled its overnight retreat from almost two-week highs, and now re-attempts 0.98 handle as the selling pressure behind the US dollar appears to have waned, allowing a tepid-bounce in the major.

USD/CHF finds support near 200-DMA at 0.9788

Currently, the USD/CHF pair trades modestly flat at 0.9799, recovering from a brief dip to 0.9786, fresh session lows.  USD/CHF resumes its bullish momentum, having caught fresh bids over the last hour near 200-DMA, as the US dollar paused its corrective slide versus its major rivals following Friday’s upbeat US CPI-back extensive rally.

Moreover, improved market sentiment, with the European markets expected to open higher, also diminishes the demand for the safe-haven CHF. Amid a lack of significant fresh economic news from the US later today, the major is likely to closely track USD price-action.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9819 (Sept 16 high) and above which it could extend gains to 0.9875 (Sept 1 low). To the downside, immediate support might be located at 0.9771/70 (5 & 20-DMA) and below that 9706 (Sept 9 low).