USD/CHF refreshes weekly tops, around mid-0.9900s

   “¢   USD remains supported by the Fed’s hawkish outlook.
   “¢   Risk-off mood does little to revive CHF’s safe-haven demand.

The USD/CHF pair continued gaining positive traction for the third consecutive session and refreshed weekly tops during the early North-American session.

The pair built on this week’s goodish rebound from over three-week lows and was being supported by a broad-based US Dollar strength. The Fed’s upbeat assessment of the US economy on Wednesday kept pushing the greenback higher on Thursday and was seen as one of the key factors supporting the pair’s positive momentum.  

Meanwhile, a fresh wave of global risk-aversion trade, evident from a sea of red across European equity markets, failed to revive the Swiss Franc’s safe-haven appeal and did little to hinder the pair’s follow-through up-move on Thursday.  

On the economic data front, the release of US initial weekly jobless claims, coming in at 218K for the week ended July 28, passed unnoticed as the focus remains glued to Friday’s official monthly jobs report (NFP).

Technical levels to watch

A follow-through buying beyond mid-0.9900s has the potential to lift the pair towards 0.9975-80 intermediate resistance en-route the parity mark. On the flip side, 0.9935 level now seems to protect the immediate downside, which if broken could accelerate the fall back towards the 0.9900 handle.