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    USD/CHF erases Thursday’s gains, but holds 0.9600 level

    After failing to extend its bullish reversal on Thursday, the USD/CHF pair erased majority of its recovery gains recorded on Thursday to currently trade just above 0.9600 handle.Alongside a sharp volatility witnessed across most major pairs, the Swissy too swung sharply higher after initially dropping to five-day low of 0.9572. The pair, however, lost upside momentum and trimmed its gains from 0.9687 to finally settle around the mid- 0.9600s.On the last trading day of the week, the Swiss Franc is again seen gaining traction despite of residing 'Brexit' fears and is primarily led by broader weakness in the greenback. Moreover, the US Dollar failed to get respite from mostly in-line with expected US housing market data.Technical levels to watchA follow through selling pressure back below 0.9600 round figure mark, now seems to increase the pair's vulnerability to break through Thursday's 6-week low level and head towards testing May daily closing lows support near 0.9550-45 region.On the flip side, attempted recovery from 0.9600 handle is likely to confront immediate resistance around the mid-point of 0.9600-0.9700 handle, above which the pair seems to make a fresh attempt to reclaim 0.9700 level and head towards its next major resistance at 50-day SMA around 0.9730 region.


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