The USD/CHF pair reversed its downside bias and swung back higher in the European session, now attempting to extend gains above 1.00 handle. USD/CHF benefits from risk-on rally in equities Currently, the USD/CHF pair trades 0.19% higher and hovers near daily highs printed at 1.0009 last minutes, having taken-out 100-DMA resistance at 1.0008. The USD/CHF pair found support from the risk-on rally in the European stocks and rebounded higher, largely keeping in sync with the US dollar index. Further, the Swiss franc paid little attention to the surprisingly positive Switzerland’s retail sales data and gave away early gains versus the US currency, as the broader market sentiment continues to play a crucial role. Meanwhile, markets now await the US Markit and ISM manufacturing PMI reports due later today for further momentum on the major. USD/CHF Technical Levels To the upside, the next resistance is located at 1.0050 (psychological levels) and above which it could extend gains to 1.0083 (Feb 4 High). To the downside, immediate support might be located at 0.9958/50 (5-DMA/ psychological levels) and below that 0.9934 (1h 200 & 100-SMA). For more information, read our latest forex news.