USD/CHF drops to session low near 0.9580

The USD/CHF pair remained within last week's trading range and has now moved back below 0.9600 level, to the lower end of the trading range. 

Bearish sentiment surrounding the greenback, after yesterday's cautious comments from the Fed Chair Janet Yellen, seems to be weighing on the USD/CHF pair. Adding to this global risk-on trade is further denting the safe-haven appeal of the US Dollar. 

Meanwhile, the uncertainty over the outcome of Thursday's Brexit referendum is supporting safe-haven flow to the Swiss Franc, dragging the USD/CHF pair lower.

The pair, however, seems to have stuck within a broader trading range, with the lower end of the trading range support near 0.9570 area. Until the pair decisive breaks through the recent trading range, traders are unlikely to take near-term directional call for the pair.

Technical levels to watch

Below 0.9575-70 trading range support, the pair is likely to drop immediately towards May daily closing lows support near 0.9545 level before heading towards 0.9500 handle and eventually towards May swing lows support near 0.9550-45 region.

Alternatively, bounce-off 0.9575-70 support and a subsequent move back above 0.9600-0.9615 immediate resistance would reaffirm near-term range-bound move, thus assisting the pair back towards the top end of the trading range resistance near 0.9675-80 area.