USD/CHF on a steady recovery path near 0.9950

The US dollar keeps its recovery mode intact against the Swiss franc, with the USD/CHF pair now making attempts to extend the recovery beyond 0.9950 levels.

USD/CHF rejected at parity

Currently, the USD/CHF pair trades +0.07% higher at 0.9951, having posted session tops at 0.9959 earlier in Asia. The USD/CHF pair remains stuck in a tight range, and awaits fresh impetus from the sentiment on the European open for further impetus.

The recovery in the major appears to lack follow-through, as investors flee to the safe-haven CHF amid persisting risk-off market profile. Meanwhile, the USD index snapped previous losses and now attempts gains around 98.75 levels.

On Tuesday, the spot almost tapped parity, largely on the back of a solid rally witnessed in the greenback to fresh eight-month highs, although quickly reversed the spike in tandem with the buck.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9999/1.0000 (multi-month highs/ parity) and above which it could extend gains to 1.0036 (daily R2) and 1.0050 (psychological levels) next. To the downside, immediate support might be located at 0.9922 (10-DMA) and below that 0.9864 (20-DMA) and from there to 0.9798 (50-DMA).