USD/CHF rejected at 0.9700, drops to 0.9670

The offered tone behind the US dollar picked-up pace in early Europe, driving USD/CHF further away from 0.97 handle.

USD/CHF sold-off at hourly 50-SMA at 0.9700

Currently, the USD/CHF pair trades -0.17% lower at fresh session lows of 0.9669, extending its retreat from 0.9700 levels. The major extends its gradual descent in Europe, after having ran into 0.97 resistance in the Asian opening trades, on the back of renewed weakness seen in the greenback against its six major rivals. The USD index drops -0.16% to trade at session lows of 95.59.

Markets now eagerly await the Swiss retail sales and manufacturing PMI data that will be reported in the European session, for fresh impetus on the prices. While Fed’s preferred inflation gauge coupled with personal spending data will fill up an otherwise calm US session this Tuesday.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9700/11 (1h 50-SMA/ 5-DMA) and above which it could extend gains to 0.9795 (10-DMA). To the downside, immediate support might be located at 0.9631 (Jul 29 low) and below that 0.9600 (round figure).