USD/CHF retreats from 1-month highs

USD/CHF dropped further after the beginning of the American session and printed a fresh daily low at 0.9826. The pair was trading near the lows holding an intraday bearish tone. The Swiss franc was among the top performers of the currency market on Wednesday.

USD/CHF retreating after finding resistance

The pair earlier climbed to 1-month highs at 0.9893 but then turned to the downside, making a correction. The area around 0.9890 - 0.9900 is likely to offer a strong resistance. A break higher could open the doors for further gains.

In the near-term, intraday momentum favors the Swiss franc and the downside in the USD/CHF pair. If it rises above 0.9860 the US dollar could recover some strength.

To the downside, the key support to watch could be seen at 0.9820, where an uptrend line from last week lows stands and it has also offered resistance late in June and support earlier during the week.