USD/CHF extends consolidative mode on 0.96 handle

The USD/CHF pair extends its side-trend into early European trading, with the bulls struggling to take-out 10-DMA barrier placed at 0.9657 levels.

USD/CHF tests 10-DMA

Currently, the USD/CHF pair trades +0.16% higher at fresh session highs of 0.9648, bouncing-off lows reached a 0.9631. The major edged higher largely in response to improved risk sentiment after heavy risk-off trades witnessed earlier this week.

The Asian indices staged a modest rebound, while, the European indices futures trade with size-able losses, suggesting weaker opening on the European markets. Hence, the upside may remain capped in the day ahead, as markets also look forward to the US economic releases ahead of the Fed decision.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9690/0.9700 (daily R1/ round number) and above which it could extend gains to 0.9751 (50-DMA). To the downside, immediate support might be located at 0.9615 (daily S1) and below that 0.9560/30 (May lows).