USD/CHF bulls trying to defend 0.95 handle

   •  USD remains heavily offered through European session.
   •  Reviving safe-haven demand further underpins CHF.
   •  Second-tier US data eyed for fresh impetus.

The USD/CHF pair remained heavily offered for the second straight session and has now moved on the verge of breaking below the key 0.95 psychological mark.

The ongoing US Dollar downward spiral, which has been a key theme in the FX market since the beginning of this year, was seen as one of the key factors behind the pair's sharp slide of around 130-pips over the past 24-hours. 

Adding to this, the prevalent cautious trading sentiment around European equity market further supported the Swiss Franc's safe-haven appeal and was seen collaborating to the pair's sharp downfall since the early European session.

It would now be interesting to see if the pair is able to defend the 0.9500 handle or bears maintain their dominant position as traders now look forward to the US economic docket, featuring the release of flash PMIs and existing home sales data, for some fresh impetus.

Technical levels to watch

A convincing break below the mentioned handle is likely to accelerate the slide towards 0.9455-50 intermediate support en-route 2017 lows support near the 0.9425-20 region. On the upside, any recovery attempt is likely to confront an immediate resistance near the 0.9540-50 zone, above which a bout of short-covering could lift the pair back towards 0.9585-90 hurdle en-route the 0.9600 handle.