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    USD/CHF back below 0.9600 but holds short-term trading range

    Following an initial selling pressure across perceived safe-haven currencies, the Swiss Franc seems to have gained traction with the USD/CHF pair now trimming all of its early gains to currently trade back below 0.9600 handle.During the last two trading days of the week, the pair turned volatile and swung between gains and losses to finally settle close to 6-week low level. The Swissy is seen drifting lower despite of the risk-on rally across global financial markets as the Swiss Franc is benefitting from broadly weaker US Dollar.Lack of significant market moving events / economic releases, the major would continue to be driven sentiment surrounding the broader US Dollar and uncertainty surrounding the upcoming Brexit referendum on Thursday.From technical perspective, the pair is stuck in near-term trading range with the lower end of the trading range support near 0.9575-70 area and the top end of the trading range resistance around 0.9680 region. Hence, it would be prudent to wait for a decisive break-out of the near-term trading range before determining the pair's near-term direction.Technical levels to watchbelow 0.9575-70 support, a fresh bout of selling pressure is likely to drag the pair immediately towards May daily closing lows support near 0.9545 level before heading towards 0.9500 handle and eventually towards May swing lows support near 0.9550-45 region.On the flip side, rebound from current trading range support might continue to face immediate resistance around 0.9600-0.9615 area. Sustained move above 0.9600 handle would confirm near-term momentum within the broad trading range, thus lifting the pair back towards the top end of the trading range resistance near 0.9675-80 area.


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