USD/CHF recovers to turn positive at 0.9700 mark

The USD/CHF pair once again has managed to hold and rebound from 0.9660 support area and has now moved back into positive territory, albeit trading with only minor gains around 0.9700 handle.

The pair is benefitting from investors' move away from traditional safe-haven assets - like the Swiss Franc, after Hillary Clinton's win at the first US presidential debate against her Republican opponent, Donald Trump, which led to a fresh wave of risk-on trade in global financial markets.

Next in focus would be the release of CB Consumer Confidence index from the US later during NA trading session, which might provide the required momentum and assist the pair to build on to its move above 0.9700 handle. 

Technical levels to watch

On a sustained move above 0.9700 handle, the pair is likely to make a fresh attempt to test 50-day SMA resistance near 0.9745, which is closely followed by 100-day SMA resistance near 0.9755-60 region. A sustained move back above 100-day SMA would negate any near-term bearish bias and assist the pair to head back towards testing the very important 200-day SMA resistance near 0.9800 handle.

Meanwhile on the downside, 0.9660 level now becomes immediate strong support to defend, which if broken decisively seems to drag the pair immediately towards 0.9615 horizontal support before breaking through 0.9600 handle and heading towards its next major support near 0.9540 level.