USD/CHF eyeing for a test of post-FOMC low

The USD/CHF pair keeps the bearish pressure intact, with the bears now targeting a break below post-FOMC lows struck at 0.9714 in the last US session.

USD/CHF trades below 50-DMA at 0.9738

Currently, the USD/CHF pair trades -0.07% lower at 0.9732, eyeing for a retest of previous highs posted at 0.9819.  USD/CHF is seen consolidating the downside ahead of Europe open, and looks exposed to further downside as the US dollar continues to weakness in light of disappointing FOMC statement, with the Fed leaving the rates unchanged and remains confused over the interest rates outlook for this year.

The major also keeps losses as the safe-haven Swiss franc remains largely unperturbed by persisting risk friendly market environment backed by higher stocks and oil prices. Markets now look forward to the only relevant data from the US, the existing home sales, for fresh impetus on the spot.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9749 (100-DMA) and above which it could extend gains to 0.9772 (5-DMA). To the downside, immediate support might be located at 0.9714 (post-FOMC low) and below that 0.9694 (daily S1).