USD/CHF hits 2-day lows and tests support at 0.9725/30

USD/CHF broke to the downside during the American session after moving in a range during hours. The pair fell to 0.9723, slightly below Wednesday low and currently is trading at 0.9725.

Near the end of the session, the tone of the pair is bearish and is holding so far below the 0.9730 technical level. A consolidation around current levels could favor more slides ahead of the Asian session. 

To the upside, the greenback needs to rise above 0.9745 to gain momentum.  As long as it continues to fail to hold on top of 0.9760 the upside would remain limited. 

From a fundamental perspective, the report today in the US was the Existing Home sales that showed a 1.1% gain in May, market consensus pointed to a drop of 0.5%. 

Earlier, the Swiss National Bank published its Quarterly Bulleting, repeating again that they will remain active in the foreign exchange market as long as necessary. 

SNB Quarterly Bulletin: SNB will remain active in FX market as necessary

US: Existing home sales rebound in May - Wells Fargo

GBP/CHF up but far from highs 

Among European currencies, on Wednesday, the pound was the best performer boosted after Bank of England Chief Economist Haldane commented the possibility of a rate hike during the current year. GBP/CHF peaked at 1.2378 but during the last hours pulled back toward 1.2300.