USD/CHF moves-off 4-week highs, but holds 0.98 handle

The USD/CHF pair maintains the offered tone as we head into the early European trading, correcting heavy gains seen over the last few trading sessions in response to the Brexit vote.

USD/CHF remains below 200-DMA

Currently, the USD/CHF pair trades -0.07% lower at 0.9812, having found solid support at 0.9800 levels. The US dollar trims losses versus its Swiss counterpart in early Europe, sending USD/CHF back towards multi-week highs posted earlier this week at 0.9838.

The USD/CHF pair bounces-off 0.9800 as the greenback is seen regaining lost footing and peeps into the positive territory against most of its major peers, with the DXY now turning positive at 96.20 levels.

Looking ahead, attention now turns towards the US economic releases due later in the NA session, with the Fed’s PCE price index and pending home sales expected to be closely eyed.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9838/47 (multi-week tops/ 200-DMA) and above which it could extend gains to 0.9900 (round number). To the downside, immediate support might be located at 0.9773/68 (5-DMA/ daily S1) and below that 0.9748/43. (50 & 100-DMA).