USD/CHF has managed to erase intraday losses and regained the 0.9700 level, after hitting fresh 3 ½-month lows during the European session. USD/CHF was dragged down to a low of 0.9660 by a stronger franc, which was among the best performers in the FX space. However, the dollar managed to recover ground at the beginning of the New York session and climbed a hundred pips to a peak of 0.9760 before the upside was limited. At time of writing, USD/CHF is trading at 0.9717, hovering around the 200-day SMA and just 0.15% below its opening price. Earlier on Thursday, Swiss National Bank (SNB) Chairman Thomas Jordan reiterated that Swiss franc still remains ‘overvalued’, while adding that he doesn’t rule out slashing interest rates further. USD/CHF levels to consider In terms of technical levels, USD/CHF could find immediate resistances at 0.9761 (Feb 11 high), 0.9819 (Feb 10 high) and 0.9874 (Feb 9 high). On the flip side, supports are seen at 0.9660 (Feb 11 low), 0.9579 (Oct 22 low) and 0.9500 (psychological level). For more information, read our latest forex news.