USD/CHF: Hourly 200-SMA – a tough nut to crack

The ongoing recovery momentum behind the USD/CHF pair appears to have stalled for now, keeping the rate flat-lined just below 1.01 handle.

USD/CHF hovers near hourly 200-SMA

Currently, the USD/CHF pair now drops -0.45% to flirt with 1.0100 levels, recovering from session low struck at 1.0080 in early Asia. A brief phase of downside consolidation in the US dollar against its major peers appears to have stalled the ongoing recovery mode in the USD/CHF. Meanwhile, the USD index treads water around 100.90, unable to resist above 101 handle.

 Moreover, traders continue to remain on the back foot and prefer to park their funds in the safe-haven CHF amid uncertainty over an OPEC cut decision and increased nervousness ahead of the US payrolls data due later this week.

USD/CHF Technical Levels

To the upside, the next resistance is located at 1.0118 (10-DMA) and above which it could extend gains to 1.0139 (5-DMA) and 1.0171 (daily R3) next. To the downside, immediate support might be located at 1.0080 (daily low) and below that 1.0050 (psychological levels) and from there to 1.0000 (parity).