USD/CHF: CHF strongest in Asia amid flight to safety

The overnight recovery in USD/CHF lost pace near 0.9740 region, now pushing the rate back towards monthly lows reached just below 0.97 handle.

USD/CHF reverts towards monthly lows

Currently, the USD/CHF pair trades -0.29% lower near fresh session lows of 0.9705, eyeing a retest of 0.9700 levels. The USD/CHF pair failed to chew offers lined up above daily pivot and resumed its recent bearish momentum as  the US election-led jitters continue to drive markets and boost the demand for the traditional safe-haven Swiss franc amid persistent risk-off moods.

Moreover, sustained weakness in the US dollar across the board, despite hawkish FOMC statement, also continues to weigh down on the USD/CHF pair. Meanwhile, the USD index now trades 0.12% lower at fresh session lows of 97.26.

Focus now shifts towards a fresh batch of US economic releases, including the ISM services PMI and factory orders, due later in the NA session.  

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9756 (200-DMA) and above which it could extend gains to 0.9785 (100-DMA) and 0.9802 (50-DMA) next. To the downside, immediate support might be located at 0.9696 (monthly lows) and below that 0.9654 (daily S2) and from there to 0.9635 (Sept lows).