USD/CHF hits fresh session high at 0.9580

A broad based greenback recovery helped the USD/CHF pair to extend its rebound from 8-week low to currently trade near session high around 0.9570-80 region.

The major is rebounding after posting steep losses on Thursday, for fifth consecutive day, on diminishing prospects of an eventual Fed rate-hike action for the rest of 2016 as the FOMC meeting minutes failed to provide any cues over the timing of such an action.

In absence of any economic releases on Friday, the pair would continue to derive its moves from a broader sentiment surrounding the US Dollar. 

From technical perspective, the pair on Thursday decisively broke below a short-term ascending trend-line support and hence, could be vulnerable to continue sliding in the near-term. 

Technical levels to watch

From current levels, the ascending trend-line support break-point near 0.9595-0.9600 zone now seems to act as immediate resistance. A follow through buying interest, lifting the pair beyond Thursday's high resistance near 0.9620, is likely to get extended towards 0.9640-50 region, which if conquered might negate the near-term bearish bias and assist the pair to extend its recovery trend.

On the flip side, session low neat 0.9540-35 area now becomes immediate support, which is followed by June 23 swing lows support at 0.9520 level. Weakness below 0.9520 should drag the pair back towards its next major support near 0.9445-40 region (early May low).