USD/CHF sits at 9-month highs, 1.02 – a whisker away

Despite a minor-retreat in the US dollar against its major peers, USD/CHF is seen clinching new nine-month highs, as markets digest latest comments from SNB Chairman Jordan.

USD/CHF trades above all major DMAs

Currently, the USD/CHF pair edges 0.27% higher to trade near the highest levels since February this year, reached at 1.0190. The bulls remains in command, as broad based US dollar strength remains a key theme so far this Thursday, and now look to regain 1.02 handle, as SNB Chairman Jordan’s jawboning attempts provide extra legs to the rally in USD/CHF.

SNB’s Jordan reiterated the rhetoric that the Swiss franc remains significantly overvalued and that the central bank is prepared to intervene in currency markets whenever necessary. Meanwhile, the US dollar index advances +0.14% to 101.87, moving-off lows struck at 101.78 in the last hour.

USD/CHF Technical Levels

To the upside, the next resistance is located at 1.0200 (zero figure) and above which it could extend gains to 1.0254 (Feb 2016 high) and 1.0311 (Dec 2015 high) next. To the downside, immediate support might be located at 1.0132 (5-DMA) and below that 1.0000 (parity) and from there to 0.9938 (20-DMA).