USD/CHF struggling to gain traction, stuck in a range around mid-0.9500s

The USD/CHF pair struggled to build on overnight strong recovery move from 2-year lows and retreated from weekly tops supply zone, around 0.9570/80 band.

The pair on Tuesday recovered nearly 130-pips from lows, led by a smart US Dollar recovery from over 2-1/2 year lows. This coupled with fading demand for traditional safe-haven assets on easing N. Korean tensions weighed on the Swiss Franc and further collaborated to the pair's sharp up-move.

Bulls, however, seemed lacking conviction on Wednesday, with the pair failing to benefit from a follow through USD recovery and improving investors' risk appetite. 

The market even seems to have largely ignored today's weaker than expected release of the Swiss KOF Leading Indicator for August and remained capped below weekly highs resistance. 

Next in focus would be the US economic docket, featuring the release of ADP report and the first revision of GDP figures, due later during the NA session. 

Technical levels to watch

Bulls would be aiming for a decisive break through 0.9570-80 hurdle, above which the pair is likely to aim towards 0.9620 horizontal resistance ahead of its next hurdle near the 0.9660-70 region.

On the downside, any pull-back now seems to find immediate support near 0.9525 level, which is followed by support near the key 0.95 psychological mark.