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   “¢   A goodish pickup in the USD demand helps regain positive traction.
   “¢   The bullish move seemed unaffected by risk-off mood/sliding US bond yields.
   “¢   Today’s key focus will be on the final US GDP print and durable goods orders.

After yesterday’s good two-way price action, the USD/CHF pair caught some fresh bids on Thursday and might now be making a fresh attempt to conquer the 0.9700 handle.

The latest FOMC monetary policy statement and comments by the Fed Chair Jerome Powell indicated that the Fed remains on track to continue with its gradual policy tightening cycle.  

Investors looked past the latest FOMC decision and the not so dovish assessment helped the US Dollar to regain positive traction, which was seen as one of the key factors driving the pair higher.

Bullish traders even shrugged off the prevalent risk-off mood, reinforced by the ongoing retracement in the US Treasury bond yields and which tends to underpin the Swiss Franc’s safe-haven demand.  

With the USD price dynamics turning out to be an exclusive driver of the pair’s momentum, traders now look forward to the US macroeconomic data – the final Q2 GDP growth figures and durable goods orders data for some meaningful impetus.

Technical levels to watch

Any subsequent up-move beyond the 0.9700 handle is likely to confront resistance at the very important 200-day SMA, currently near the 0.9730 region, above which the pair seems all set to build on the recent recovery move.

On the flip side, the 0.9655-50 region now seems to protect the immediate downside, which if broken might turn the pair vulnerable to head back towards testing the 0.9600 handle en-route the 0.9680-75 support area.