USD/CHF recovers losses, back above 0.9600

The USD/CHF pair moves-off highs and keeps losses ahead of the European open, on the back of a broadly weaker US dollar and risk-off market profile as a Brexit vote looms.

USD/CHF bounces-off 0.9594

Currently, the USD/CHF pair trades marginally lower at 0.9617, having posted day’s high at 0.9628 and day’s low at 0.9594. The major bounces-off a dip below 0.96 handle and now recovers losses as the demand for the greenback is seen returning to markets following a renewed bout of risk-aversion wave that hit Europe.

However, increased nervousness ahead of the EU referendum keeps the safe-haven bids for the Swiss franc underpinned, and therefore, caps the recovery attempt. Next of note for the major remains the ZEW economic expectations data from Switzerland ahead of the US housing data due later in the day.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9650 (round number) and above which it could extend gains to 0.9687 (20-DMA). To the downside, immediate support might be located at 0.9594 (daily low) and below that 0.9552. (daily S2)