USD/CHF dips to lows near 0.9740

Today’s softer tone in the greenback and the prevailing bias towards the risk-on trade has prompted USD/CHF to retreat to the 0.9740 area, or daily lows.

USD/CHF lower ahead of US ISM

The pair is retreating for the third session in a row today after being rejected from the weekly peaks in the mid-0.9800s (Tuesday), where currently sits the key 200-day sma.

Ahead in the session, the critical ISM Manufacturing is due in the US economy, seconded by Markit’s manufacturing PMI and the speech by Cleveland Fed’s L.Mester. On the CHF-side, ‘Brexit’ developments remain the exclusive source of potential demand given its condition of safe haven currency.

USD/CHF key levels

The pair is now retreating 0.12% at 0.9747 facing the next support at 0.9672 (20-day sma) ahead of 0.9517 (low Jun.23) and finally 0.9440 (2016 low May 3). On the other hand, a surpass of 0.9839 (high Jun.28) would expose 0.9847 (200-day sma) and finally 0.9960 (high May 30).