USD/CHF hits fresh highs above 0.9800

The Swiss franc, among majors, is the worst performer in the currency market on Tuesday, the same day that stocks posted strong gains in Europe and on Wall Street the Dow Jones is up 0.85% and the Nasdaq gains 1.45%.

USD/CHF gained upside momentum during the European session and extended gains after the beginning of the US session. The pair rose back above 0.9800 and recently printed a fresh 3-week high at 0.9834. It remains near the highs, rising for the third day in a row. The pair was unable to benefit from the US dollar correction that is taking place on Tuesday across the board.

Against European currencies, the Swissy is having the worst day in weeks but still remains sharply higher compared to the levels it had before the UK referendum results.

USD/CHF levels

To the upside, resistance levels could be located at 0.9855/60 (June 02 low), 0.9885 (May 23 low) and 0.9920  (June 03 high). On the flip side, support might be seen at 0.9795 (American session low), 0.9760 (daily low) and 0.9705 (June 27 low).