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USD/CHF testing highs near 0.9765

FXStreet (Mumbai) - The USD/CHF pair extends its overnight recovery mode into the European morning, as the USD bulls regained lost momentum while markets digest the recent US ADP data ahead of the upcoming Swiss retail sales data.

USD/CHF trades above hourly 200-MA

Currently, the USD/CHF pair trades 0.39% higher at fresh daily highs of 0.9768, bouncing-off a dip to 0.9728. The USD/CHF pair witnessed renewed strength after the bulls stormed through the hourly 200-MA as the persisting risk-on market profile continues to benefit the riskier currencies such as the greenback. The USD index, the virtual gauge of the greenback’s relative strength now trades +0.18% at 96.59 levels.

Later in the session, the major will be influenced by the Swiss retail sales ahead of a slew of US data-flow to be reported in the NY session. Switzerland’s retail trade is expected to rebound to 0.3% in August after a -0.1% decline seen in July.

USD/CHF Technical Levels

To the upside, the next resistance is located 0.9782 (Sept 30 High) levels and above which it could extend gains to 0.9807 (Sept 23 High) levels. To the downside, immediate support might be located at 0.9728 (Today’s Low) levels and below that at 0.9663 (Sept 24 Low) levels.

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