USD/CHF retraces gains, but holds above 0.9600

USD/CHF has pulled back from recent highs, as dollar’s rally lost momentum at the beginning of the New York session in the absence of major data.

USD/CHF had reached a 5-day high of 0.9648 as the greenback strengthened amid fresh hopes for a possible Fed rate hike before the year-end. However, the dollar lost momentum and retreated slightly, with USD/CHF trimming most of its daily gains. At time of writing, the pair is trading at 0.9616, still up 0.25% on the day.

USD/CHF levels to consider

In terms of technical levels, next supports are seen at 0.9596 (Aug 22 low), 0.9536 (Aug 18 low) and 0.9500 (psychological level). On the flip side, resistances could be found at 0.9648 (Aug 22 high), 0.9677 (10-day SMA) and 0.9732 (100-day SMA).