USD/CHF hits fresh lows near 0.9480 and rebounds to 0.9500

• Swiss franc extends gains versus the US dollar on Monday.
• Greenback losses ground across the board during the American session. 

The USD/CHF dropped further and printed a fresh daily low at 0.9479 as it extends the retreat from 0.9550. As of writing, the pair is trading slightly above 0.9500, off lows on a quiet US session.

The driver of price action across majors on Monday is the US dollar. After bottoming, the US dollar rebounded as equity prices in Wall Street trimmed losses, pushing USD/CHF back to 0.9500.

The Dow Jones is falling 1.33% and the Nasdaq 0.35%, both off lows. Regarding economic data, in the US the Empire manufacturing rose much more than expected, rising to -0.2 in June from -48.5

Levels to watch

The next resistance in the very short-term for USD/CHF might be seen at 0.9510/15, a horizontal level, and the 20-hour moving average. A recovery above should strengthen the US dollar. The next crucial level is 0.9550/55 (June 12 & 15 high). If the pair consolidates above 0.9555, another leg higher seems likely.

On the flip side, if the price drops back under 0.9500, the bearish pressure could rise. Support levels might lie at 0.9475, followed by 0.9445/50.