The U.S. indices are churning higher on the heels of strong U.S. GDP (Q2) revisions. As a result, safe-haven assets gold and the Japanese yen have struggled to gain any footing. However, the Swiss franc is attracting investors in droves and has routed the USD for the fifth time in six sessions.

At press time, the USD/CHF is off more than 30 pips for the day and 100 pips for the week. Bearish participation has been the norm, with today’s positive U.S. GDP doing little to curtail the action. For now, the USD/CHF is actively seeking a bottom.

The Swiss Franc Is On The March

Following an early-session test of the .9700 handle, the USD/CHF has bounced back toward a key level of macro-support.

For the near future, I have two levels on my radar:

• Support(1): 38% Retracement of 2018’s Range, .9732
• Support(2): Psyche Level, .9700

Overview: In a similar fashion as the USD/CAD, the USD/CHF is threatening to enter corrective territory. If price breaks below the .9700 handle with vigor, then we will have to abandon the prevailing long-term bullish bias. The 38% retracement of 2018’s range (.9732) is a big deal — if it falls, a test of .9500 is likely for September.

Ultimately, it appears that the winds are changing for the Greenback. It has been a great bullish run throughout 2018. However, given the bearish pressure in the USD/CHF and USD/CAD, the USD may be ready to give back yearly gains across the forex.