USD/CHF slides to session low amid broad based USD retracement

The USD/CHF pair's retracement from multi-month highs seems to have gained momentum in the past couple of hours, dragging the pair to fresh session low. 

Currently trading around mid-1.0100s, the pair witnessed some profit taking slide, from fresh multi-month high touched earlier during early European trade. A minor greenback retracement, as measured by the overall US Dollar Index, seems to be the only factor contributing to the pair's slide.

However, given the pair's post-US presidential election up-surge, today's price-action could be categorized as consolidation phase before normal liquidity returns on Friday following Thanksgiving Day holiday in the US. 

Technical levels to watch

Yann Quelenn, Market Analyst at Swissquote Bank SA, notes, "USD/CHF rally is back on. The technical structure remains strongly bullish. Hourly resistance given at 1.0134 (22/11/2016 high) has been broken. Expected to see further strengthening."

He further adds, "In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support can be found 0.8986 (30/01/2015 low). The technical structure favours nonetheless a long term bullish bias since the unpeg in January 2015."