USD/CHF firms above 0.98

FXStreet (Mumbai) - USD/CHF rallied above 0.98 handle in the European session, retesting three week highs at 0.9839 levels, as the pair is seen correlating gains seen in the greenback against its major competitors.

USD/CHF rejected at 0.9839

Currently, the USD/CHF trades higher by 0.37% hovering close to three week highs at 0.9839 levels.The pair edged higher largely on the back of the extension of the USD rally for the sixth straight session following upbeat US fundamentals amid Fed rate hike talks back on table ahead key US retail sales data due tomorrow.

The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades higher by 0.33% at fresh four week highs near 99.97, retreating from just ahead of 100 barrier.

Partial weakness in the Swiss franc against the US dollar can be also attributed to the pressured EUR/USD which is at its lowest in four weeks, trading on 1.05 handle.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9850 levels and above which it could extend gains to 0.9880 levels. To the downside, immediate support might be located at 0.9800 levels and below that at 0.9770 levels.