USD/CHF hits daily highs at 0.9520 approaching range-top at 0.9550

• The USD/CHF bounces at 0.9445 and hits day-highs above 0.9500.
• The dollar bounces up and regains lost ground following upbeat US data.
• USD/CHF: retest of 0.9553 on the cards – Commerzbank

The dollar has shrugged off the early trading’s weakness and bounced up strongly from day lows at 0.9440. The pair has appreciated nearly 0.5% so far today, to reach prices beyond 0.9500, approaching the top of the last 12 days trading range, at 0.9550.

Upbeat US data boost dollar demand 

The USD/CHF opened the day on the back foot amid a more positive market sentiment and retreated to daily lows at the mid-range of 0.9400. Better than expected Industrial profits in China have eased concerns about the global growth of COVID-19 cases and improved hopes of a post-pandemic recovery.

Later on, the bright US pending home sales and the improvement of the Dallas Fed manufacturing index have boosted support for the dollar. The Dollar Index has gained about 0.5% during the US session after a 0.4% decline during the Asian and European sessions.

USD/CHF retest of 0.9553 on the cards – Commerzbank

According to Commerzbank’s analyst, Karen Jones the pair has alleviated bearish pressure and might re-test 0.9553 interim-high, ““USD/CHF has continued to recover and is eroding the near-term downtrend, this alleviates immediate downside pressure and allows for a possible retest of the 0.9553 interim high. This will need to be overcome in order to further alleviate downside pressure and allow for recovery to the short term downtrend at 0.9666.”