USD/CHF under pressure, eyes 0.9600

USD/CHF erased all gains during the American session and currently is testing daily lows near at the 0.9620/25 area. Thea pair is back below key technical levels, facing significant bearish pressure. 

USD/CHF reverses near 0.9700, not only on Cohn

The pair peaked after the release of the ECB minutes at 0.9698, then pulled back modestly. The release of US economic reports did not have a relevant impact on USD/CHF. 

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After the beginning of the American session started to pull back and accelerated amid rumors of the resignation of Gary Cohn, the director of the White House's National Economic Council and former president of Goldman Sachs. The rumors were denied and the slide of the US dollar took a pause. 

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The recovery of the dollar was short-lived and USD/CHF resumed the downside, falling to test daily lows. If the pair breaks below 0.9622 it would reach the lowest since Monday and would be trading at the level it opened the week 

Levels to watch 

From a technical perspective, today’s slide that follows Wednesday’s decline (after FOMC minutes) pushed the price back under the 20-day moving average that stands around 0.9640 and offered support several times last week. 

A daily close significantly below could clear the way to more losses. The next key strong support is seen at 0.9550 (June lows). 

The US dollar needs to rise back above 0.9650 to remove the short-term bearish pressure. Above, resistance levels might lie at 0.9700 followed by the 0.9750 zone that for the second week in a row limited the upside.