USD/CHF flirting with weekly low at 0.9670

A fresh bout of USD selling seems to have emerged, with the USD/CHF pair sliding to the lowest level in two-weeks to currently trade around 0.9670-65 band.

The greenback remained under intense selling pressure across the board as investors trimmed expectations that the Federal Reserve will raise interest-rates at its meeting on September 20-21. 

Tuesday’s surprisingly weak US ISM services PMI added on to the recent slew of disappointing US economic data, which included dismal August monthly jobs report and unexpected decline in ISM manufacturing PMI, and dampened prospects of an immediate Fed rate hike action.

Thursday's US economic calendar features the release of weekly jobless claims, which is expected to show the number of people filing for unemployment related benefits increasing to 265,000 during the week ended September 3.

Technical levels to watch

From current levels, 0.9660-55 zone seems to protect immediate downside below which the pair is likely to turn vulnerable to extend its slide immediately towards 0.9620-15 support area. On the upside, 0.9700 handle now seems to have emerged as immediate resistance, which if cleared might assist the pair back towards 100-day SMA support break, now turned resistance, near 0.9750 region.