USD/CHF Recedes from Near 2-Tops Amid Light Trading
The USD/CHF pair consolidates two back-to-back sessions of gains witnessed last week, now wavering in a tight range near two-week highs
USD/CHF finds stiff resistance around 0.9770 region
Currently, the USD/CHF pair trades almost unchanged at 0.9755, trying
hard to break beyond daily tops reached at 0.9768 in the last hour. The
major oscillates back and forth in a 15-pips slim range over the past
few hours, having stalled its recovery from 0.9748 lows struck in the
opening trades.
The pause in the USD/CHF rally can be attributed to the exhaustion faced
by the USD bulls, following an extensive rally seen last week to fresh
two-week highs. Meanwhile, the US dollar index trades modestly lower at
94.55 levels, easing-off two-week highs printed at 94.84.
Later today, as the Swiss markets are closed on account of Whit Monday
holiday, markets look forward to the American session for a set of
second-liner economic data releases in the form of Empire State
manufacturing index and NAHB housing market index.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9771 (Daily R3) and
above which it could extend gains to 0.9800 (round number). To the
downside, immediate support might be located at 0.9689/81 (20 &
50-DMA) and below that 0.9659 (May 12 Low).
