USD/CHF sticks to near-term range ahead of US durable goods and Yellen

The USD/CHF pair came under some renewed selling pressure on Friday and has now eroded all of previous session's modest gains. 

The pair once again failed to clear 0.9665 immediate supply zone, for the second straight session and has held within the weekly trading range. A modest US Dollar pull-back has been one of the key factors weighing on the major since early European session. 

This coupled with some nervousness, ahead of the highly anticipated speeches from key central bankers' at the Jackson Hole Symposium, further supported the Swiss Franc's safe-haven appeal and collaborated to the pair's slide to session lows near the 0.9630-35 region.

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Despite the good two-way movement over the course of this week, the pair remains within a seven-day old trading band between the 0.9700-0.9600 region. Hence, it would be prudent to wait for a deceive break through the mentioned range before committing to the next leg of directional move. 

The much-awaited speech by the Fed Chair Janet Yellen would be looked upon for some fresh insights over the central bank's near-term monetary policy outlook, which would eventually help determine the pair's near-term trajectory. 

In the meantime, the release of durable goods orders data from the US might provide some short-term trading opportunities during the early NA session. 

Technical levels to watch

Immediate support is seen near 0.9615-10 zone, below which the pair is likely to break below the 0.9600 handle and head towards testing the 0.9585-80 support. On the upside, the 0.9665-70 region remains immediate strong resistance, which if cleared is likely to trigger a short-covering bounce towards the 0.9700 barrier en-route the next major hurdle at 50-day SMA near the 0.9750-55 region.