USD/CHF climbs above 1.0300, hits 8-day highs

The US dollar extended gains versus most competitors on Wednesday, recovering some of the lost momentum, with USD/CHF reaching fresh 8-day highs above 1.0300.

Following several sessions of sideways trade, USD/CHF broke higher and climbed to its highest level since Dec 20 at 1.0315, although it faltered a few pips ahead of that day’s peak. At time of writing, the pair is trading at 1.0303, still up 0.3% on the day.

In the absence of major indicators and amid thin volume, investors resumed demand for the USD amid prospects of faster rate hikes by the Fed in 2017.  

USD/CHF levels to consider

In terms of technical levels, next resistances could be found at 1.0319 (Dec 20 high), 1.0343 (6-year high, Dec 15) and 1.0400 (psychological level). On the flip side, supports are seen at  1.0268/63 (10-day SMA/Dec 28 low), 1.0217 (Dec 22 low) and 1.0189 (21-day SMA).