USD/CHF up little near 0.9730 level, FOMC minutes in focus

The USD/CHF pair held in positive territory for the third consecutive session and is currently trading with minor gains around the 0.9730 region.

On Tuesday, the pair caught some fresh bids near the 0.9700 handle and spiked around 60-pips from session lows, supported by the upbeat release of US economic data - monthly retail sales and the Empire State manufacturing index. The up-move, however, lacked any strong follow through momentum and the pair once again retreated from closer to over two-month highs touched last week. 

With the US Dollar consolidating recent recovery gains, continuous improvement in investors risk appetite, as depicted by positive trading sentiment around European equity markets, was seen weighing on the Swiss Franc's safe-haven appeal and has been one of the key factors driving the pair higher over the past hour or so. 

Today's key focus would remain on the FOMC meeting minutes, which should now act as a key determinant of the greenback's near-term trajectory and eventually provide fresh impetus for the pair's next leg of directional move. 

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Technical levels to watch

On a sustained move beyond mid-0.9700s, the pair is likely to aim towards testing 100-day SMA resistance near 0.9775-80 region en-route before darting towards reclaiming the 0.9800 handle. 

On the flip side, the 0.9700 handle remains an immediate support to defend, which if broken could accelerate the slide towards 0.9660-55 intermediate support ahead of 0.9620 important support.