USD/CHF Seeks Support

The US dollar falls as GDP shows a 0.6% contraction last quarter. The pair is consolidating its gains after it rose above the double top at 0.9880. A slide below 0.9850 triggered profit-taking. Medium-term sentiment remains intact though and 0.9720 is the next level to gauge follow-up interest. The bulls may need to accumulate before they could take on 0.9900 and another double top (1.0040) on the daily chart. A close above this major ceiling would release the last bit of selling pressure and extend the rally towards 1.2300.

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