USD/CHF weaker at 0.9700 handle after US durable goods orders

Having lost its upside momentum, the USD/CHF pair failed to attract any fresh buying interest following the release of durable goods orders data from the US.

Currently hovering around session low near 0.9700 handle, the pair maintained its bearish bias after in-line with expected release of core durable goods orders (excluding transportations) provided little incentive for the US Dollar bulls. Meanwhile, orders for durable goods (including transportation) remained flat in August after recording a strong gain of 3.6% in the previous month.

Following the release, the greenback, as measured by the overall US Dollar Index, gave-up some of its early gains and has been the sole contributor of the pair's retracement from the vicinity of an immediate resistance near 50-day SMA.

Later during the day, the Fed Chair Janet Yellen's is scheduled to testify before the Committee on Financial Services, which will be followed by speeches from various FOMC members. Hence, dynamics surrounding the greenback would continue to be a key driver of the pair's next leg of move during US trading session.

Technical levels to watch

A follow through selling pressure below 0.9690 is likely to drag the pair back towards 0.9660 strong support, which if broken might open room for further depreciating move for the pair and the pair could immediately drop to test 0.9615 horizontal support. 

Meanwhile on the upside, 50-day SMA near 0.9745 remains immediate resistance, which is closely followed by 100-day SMA resistance near 0.9755-60 region. A sustained strength above 100-day SMA resistance should now assist the pair back towards the very important 200-day SMA resistance near 0.9800 round figure mark.