USD/CHF finds support ahead of 0.9700

The franc is among the best performers on Monday, having dragged USD/CHF to fresh 3-week lows as investors eagerly await a speech from Fed Chair Janet Yellen.

USD/CHF broke below the 50-day SMA and bottomed out at 0.9709 in recent dealings. At time of writing, the pair was trading at 0.9715, recording a 0.5% loss on Monday.

FX market has been fairly quiet on monday with focus on Federal Reserve Chair Yellen speech later on the session, as investors search for signs of a rate hike in June or July.

USD/CHF levels to consider

In terms of technical levels, next supports are seen at 0.9700 (psychological level), 0.9662 (May 12 low) and 0.9600 (psychological level). On the other hand, resistances could be found at 0.9775 (Jun 6 high), 0.9819 (100-day SMA) and 0.9845 (200-day SMA).