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USD/CHF hits fresh monthly highs near 0.9840 on stronger USD

FXStreet (Mumbai) - The USD bulls are under fire and sent the USD/CHF pair through the roof beyond 0.9800 levels, rallying nearly 200 pips from yesterday's steep fall.

USD/CHF heading towards 0.99 handle

Currently, the USD/CHF pair trades 0.84% higher at 0.9835, easing-off fresh monthly highs reached at 0.9843 some minutes ago. The major resumed its winning streak after a temporary reversal seen yesterday as the USD bulls jumped back into the bids and reclaimed lost ground against the Swiss currency following Fed Yellen’s hawkish comments.

The greenback is strengthening across the board, riding higher after Yellen’s commented indicated that a rate-hike is likely to happen before the year-end. The USD index rose sharply higher to 96.73, recording a 0.65% gain on the day.

Moreover, Yellen’s comments also helped restore calm in the markets after the recent sell-off, which further reduced the demand for the traditional safe-haven assets including the Swiss franc. While the heavy losses in the euro also weighed on the CHF, adding to the upside in USD/CHF.

On the data-space, the European session offers nothing significant to be reported in terms of economic news. Hence, attention is likely to shift to the US Q2 GDP data for fresh incentives.

USD/CHF Technical Levels

To the upside, the next resistance is located 0.9843 (Today’s High) levels and above which it could extend gains to 0.9899 (Aug 12 High) levels. To the downside, immediate support might be located at 0.9779 (Today’s Low) levels and below that at 0.9731 (Sept 23 Low) levels.

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