USD/CHF extends recovery above 0.9675

FXStreet (San Francisco) - The USD/CHF is currently trading higher since the couple is enjoying the atmosphere pro-USD after the close of the European session. Now the pair is trading above 0.9675 after bouncing off 0.9615.

Earlier in the day, USD/CHF rose to 1-year highs at 0.9740; however, the pair was rejected and launched to daily lows at the mentioned 0.9615. Currently, USD/CHF is trading at 0.9674, up 0.14% on the day, having posted a daily high at 0.9682 and low at 0.9615.

The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.

USD/CHF levels

The Swiss franc investors are turning their attention toward the "gold referendum" to be held on November 30. As Craig Hemke from TF Metals Report explains, the Swiss Gold Initiative consists of three parts: 1. Stop all Swiss gold sales; 2. The repatriation of all Swiss gold that is held in foreign countries; and 3. Resume backing Swiss franc with gold at a minimum level of 20%.

Back to levels, if the USD/CHF extends gains above 0.9680, next resistances are at 0.9700, 0.9720 and 0.9740. To the downside, supports are at 0.9660, 0.9630 and 0.9615.