USD/CHF corrects for second day, US data to provide fresh impetus

After repeated failures to sustain its move above 1.0300 handle, the USD/CHF pair corrected for the second straight session but remained within weekly trading range. 

Currently trading around 1.0245 level, traders continue to take some profits off the table and trim their bullish positions, following the pair's post-US presidential election and hawkish FOMC up-surge to over 6-year highs. Moreover, the prevalent cautious sentiment around European equity market is also seen lending some support to the Swiss Franc's safe-haven appeal and contributing to the pair's corrective slide on Thursday.

The downslide, however, remained limited as investors now look forward to a slew of important US economic indicators, due in a short while from now, which might provide fresh impetus for the pair's next leg of directional move. Today's US economic docket features the release of - final Q3 GDP growth number, durable goods orders, weekly jobless claims and core PCE price index.

Should the incoming data point to upbeat economic outlook in the near-future, it would reinforce the Fed's hawkish projections and attract fresh buying interest around the major.

Technical levels to watch

Immediate downside support is seen at weekly low near 1.0220, ahead of 1.0200 round figure mark, below which the pair is likely to head towards 1.0170-65 support area. On the upside, momentum above session peak resistance near 1.0265-70 region might continue to confront strong hurdle near 1.0300 psychological mark, which if conquered has the potential to lift the pair back towards last week's multi-year highs resistance near 1.0340-45 region.