USD/CHF recovery stalls ahead of 0.9800 despite SNB member remarks

USD/CHF bounce from 5-week lows scored on Friday found resistance at the 0.9790 area confining the pair to a sideways phase ahead of the US election.

Earlier on the day,  Andrea Maechler, SNB governing board member, said that the Swiss National Bank stands ready to intervene in the currency markets if the outcome of the US election triggers a rush into the safe haven currency.

However, USD/CHF barely responded to comments and remained well within its daily range. At time of writing, the pair is trading at 0.9760, still up 0.73% on the day.

USD/CHF technical levels

As for technical levels, next resistances are seen at 0.9794/0.9800 (50-day SMA/psychological level), 0.9823 (10-day SMA) and 0.9897/0.9900 (Nov 1 high/psychological level). On the flip side, supports could be found at 0.9728 (Nov 7 low), 0.9693 (Nov 2 & 3 lows) and 0.9679 (Nov 4 low).