USD/CHF bulls manage to defend 200-DMA, at least for now

   •  A modest USD rebound helps ease the recent bearish pressure. 
   •  Cautious mood keeps a lid on any attempted recovery move.
   •  Traders now eye the US Q2 GDP growth figures for fresh impetus.

The USD/CHF pair struggled to register any meaningful recovery and remained within striking distance of over four-month lows touched in the previous session.

The recent bearish pressure surrounding the major now seems to have eased a bit, with bulls just managing to hold the very important 200-day SMA support amid a goodish pickup in the US Dollar demand on Wednesday.

Yesterday's upbeat release of the Conference Board's consumer confidence index and extended some support to the greenback, albeit a negative tone around the US Treasury bond yields did little to provide any additional boost.

Meanwhile, concerns over the US-China trade war kept a lid on any meaningful up-move and the latest leg of downtick over the past hour or so could also be attributed to a sudden reversal in the European equity markets, which was seen underpinning the Swiss Franc's safe-haven appeal.

Moving ahead, investors now look forward to today's important release of the prelim US Q2 GDP growth figures, due later during the early North-American session, for some fresh impetus.

Technical levels to watch

The 0.9750-45 region might continue to protect the immediate downside, which if broken might turn the pair vulnerable to accelerate the slide further towards challenging the 0.9700 handle. On the flip side, any meaningful recovery attempt might confront fresh supply near the 0.9790-0.9800 region, above which a bout of short-covering could lift the pair further towards 0.9830 horizontal resistance.