USD/CHF hits fresh session tops, around mid-0.9600s

   •  Goodish USD rebound helps rebound from 4-month lows.
   •  Overnight comments by SNB chair lending additional support.
   •  US data eyed for some short-term trading opportunities.

The USD/CHF pair continued gaining some positive traction through the mid-European session and is currently placed at fresh session tops, around mid-0.9600s.

A goodish US Dollar rebound helped the pair to snap five consecutive days of losing streak and stage a solid rebound from sub-0.9600 level, marking its lowest level since mid-September. 

The strong recovery move could also be categorized as a technical bounce from near-term oversold conditions and especially after the recent slump of over 250-pips over the past one-week. 

Meanwhile, overnight comments by the SNB Chairman Thomas Jordan, reiterating that the CHF was still highly valued, remained supportive of the pair's bullish momentum.

Even the prevalent cautious sentiment around European equity markets, which tends to underpin the Swiss Franc's safe-haven appeal, did little to stall the ongoing short-covering bounce. 

The pair has now recovered all of its losses posted in the previous session as traders now look forward to the US industrial production and capacity utilization data for some fresh impetus.

Technical levels to watch

Immediate resistance is now seen near the 0.9675 region, above which the pair is likely to move back above the 0.9700 handle towards testing its next hurdle near the 0.9715 region.

On the flip side, the 0.9600 handle now becomes an immediate support to defend, which if broken now seems to pave the way for an extension of the pair's bearish trajectory towards mid-0.9500s.