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USD/CHF rebounds to fresh highs above 1.0060

FXStreet (Mumbai) - The US dollar fought back its lost ground versus the Swiss franc in the early European session, taking the USD/CHF to fresh session highs as the USD bulls jumped back in to the bid after a retreat seen in the previous session.

Stronger USD drives USD/CHF to fresh highs

Currently, the USD/CHF surged by 0.42% to fresh session highs at 1.0067 levels, recovering losses from the previous session. The pair rallied largely driven by a renewed greenback rally across the board, driving the pair closer to fresh two month highs reached at 1.0131 levels in the previous session.

The US dollar index which measures the relative strength of the greenback against a basket of six major currencies jumps to highs at 99.47, recording a 0.35% gain on the day.

USD/CHF stepped down from its 2 month highs in the US last session after weaker US retail sales data scaled back expectations of June Fed rate-hike which weighed on the greenback.

Meanwhile, traders focus on US PPI and consumer sentiment data to be released later in the day for fresh incentives on the pair.

USD/CHF Technical Levels

To the upside, the next resistance is located at 1.0110 levels and above which it could extend gains to 1.0131 levels. To the downside, immediate support might be located at 1.00 levels and below that at 0.9966 levels.

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