USD/CHF plummets to two-week lows near 0.9665 level

The USD/CHF pair came under some renewed selling pressure on Tuesday and tumbled to two-week lows near 0.9665-60 region.

A fresh wave of greenback selling interest, primarily led by strong up-surge in the EUR/USD major after upbeat comments by the ECB President Mario Draghi, weighed heavily on the major. In fact, the key US Dollar Index plunged below the 97.00 handle and has been one of the key factors driving the pair lower. 

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This coupled with the prevalent risk-off environment provided an additional boost to the Swiss Franc's safe-haven appeal and collaborated to the pair's sharp downslide to the lowest level since June 14. 

Meanwhile, possibilities of some big stops being triggered on a decisive break back below 0.9685 support might also seems to have contributed towards aggravating the selling pressure over the past hour of so. 

The pair has now reversed all of its gains recorded in the previous session as investors now look forward to Fedspeaks, including the Fed Chair Janet Yellen, for some fresh impetus. Meanwhile, today's release of US Consumer Confidence Index would also be looked upon to grab some short-term trading opportunities, during early NA session. 

Technical levels to watch

Immediate support is pegged at 0.9640 level (June 147 low), below which the downslide is likely to get extended back towards multi-month lows support near 0.9615 region en-route the 0.9600 handle.

On the upside, any recovery move back above 0.9685 level now seems to confront fresh supply near the 0.9700 handle, which if cleared might trigger a short-covering bounce towards 0.9735 intermediate resistance ahead of 0.9765 strong resistance.