USD/CHF: A phase of consolidation below 0.9850?

The pair consolidates a sharp V-shaped recovery seen a day before, and keeps its range below the mid-point of 0.98 handle so far this session.

USD/CHF: What next above 0.9850?

Currently, the USD/CHF pair trades modestly flat at 0.9837, having failed several attempts to take on the recovery beyond 0.9850 levels. The US dollar extends its overnight side-trend versus the Swiss France into Europe, as the bulls gather pace before the next push higher.

Further recovery also seems to lack follow-through as the greenback pauses its Trump win induced bullish bias and keeps minor losses against its six main competitors. In the day ahead markets will continue to absorb the Trump win news ahead of US jobless claims and Fedspeak.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9850 (20-DMA) and above which it could extend gains to 0.9903 (Nov 1 high and 0.9958 (Oct 28 high) next. To the downside, immediate support might be located at 0.9807 (50-DMA) and below that 0.9776 (10-DMA) and from there to 0.9753 (200-DMA).