FXStreet (Mumbai) - The US dollar reversed more than half of previous gains and keeps pushing lower against its Swiss rival in the early European session, with USD/CHF now heading towards 0.98 handle. USD/CHF forms lower tops on daily charts Currently, the USD/CHF pair trades -0.33% lower at 0.9817, retreating sharply from 0.9865 highs. The major failed to sustain at higher levels in Asia and extends the weakness into Europe on the back of persisting US dollar softness across the board, with markets repositioning heading into the Fed meeting that commences later in today. In addition, the demand for safe-havens such as the CHF is on the rise on the back of continued selling seen in the Asian equities and a cautious start expected on the European bourses, which weighs further on the USD/CHF pair. Meanwhile, markets now await the European open for further momentum ahead of the US CPI report due for release in the NY session. USD/CHF Technical Levels To the upside, the next resistance is located 0.9860 (hourly 100-SMA) levels and above which it could extend gains to 0.9900 (round number). To the downside, immediate support might be located at 0.9806 (daily S1) and below that 0.9787 (Dec 14 Low). For more information, read our latest forex news.