USD/CHF upside faltered ahead of 0.9900

The upside momentum in the greenback failed to lift USD/CHF above the key 0.9900 handle on Wednesday, allowing the current leg lower to the 0.9865/60 band.

USD/CHF clings to gains in the upper 0.9800s

Spot is struggling to keep the positive territory today as USD has faded the initial positive tone. In fact, the dollar lost upside momentum in response to a strong pick up in the demand for the sterling, prompting the pair to retreat from daily peaks at 0.9890.

Data wise in Switzerland, ZEW Expectations have dropped to 5.9 for the current month from June’s 19.4. In the US docket, the only release will be the EIA’s weekly report on crude oil inventories.

USD/CHF key levels

The pair is now losing 0.13% at 0.9870 facing the next support at 0.9791 (20-day sma) followed by 0.9684 (low Jul.5) and finally 0.9517 (low Jun.23). On the other hand, a breakout of 0.9905 (high Jul.13) would expose 0.9960 (high May 30) and then 1.0098 (high Mar.10).