USD/CHF erases losses and rises back toward 0.9700

A stronger US dollar pushed the USD/CHF pair back to the upside. Greenback gained momentum after the beginning of the American session and erased losses across the board.

USD/CHF bounces but limited under 0.9710

During Mario Draghi’s press conference following the decision of the European Central bank to leave interest rates and the purchase program unchanged, the pair dropped to 0.9649, the lowest level since August 26. Then it rebounded and rose to 0.9707.

The area around 0.9705/10 is becoming a relevant short-term resistance that today and also yesterday capped the upside. Currently, the pair trades at 0.9685/90, marginally lower for the day and without a clear trend for the day.

A break and a consolidation on top of 0.9710 could add momentum to the US dollar while to the downside, the area around 0.9650 is a relevant short-term support.