USD/CHF off session low, still in red at 0.9665

Having dipped below 0.9650, the USD/CHF pair managed to retrace few pips from session low but still remained in negative territory and is now hovering around 0.9660-65 band. 

The greenback stalled its 5-day old recovery trend as investors turn cautious ahead of the much anticipated speech from the Fed Chair Janet Yellen at Jackson Hole symposium, later during US trading session. 

Yellen is expected to provide fresh cues over the central bank's monetary policy outlook for the rest of 2016. Strong hawkish signals would shoot up expectations of September rate-hike and would turn up to be highly supportive for the greenback in the near-term. 

Meanwhile, the preliminary release (second estimate) of the US GDP growth for Q2 2016 is likely to provide some immediate momentum play for short-term traders.

Technical levels to watch

On the upside, 0.9685 region (weekly high touched on Thursday) might continue to act as immediate resistance, which if cleared should lift the pair beyond 0.9700 handle towards testing an important confluence resistance near 0.9735-45 region (100-day and 50-day SMAs). Meanwhile on the downside, sustained weakness back below 0.9650 (session low) seems to turn the pair vulnerable and drag it immediately towards 0.9600 round figure mark en-route 0.9550-45 support area.