USD/CHF stuck in range around 0.9720

The US dollar extends its overnight side-trend versus its Swiss counterpart in the early European trading, keeping USD/CHF largely flat-lined ahead of 0.97 handle.

USD/CHF trades below all major DMAs

Currently, the USD/CHF pair trades modestly flat at 0.9720, managing to hold ground above 0.9700 levels.  USD/CHF continues to trade around a flat-line as we head towards the European open, with the spot closely tracking the USD price-action versus its major peers. The USD index, which gauges greenback’s relative strength, struggles to take on the recovery further beyond 95.20 levels.

Moreover, the recovery from a dip to 0.9690 appears to lack follow-through, as persistent risk-off market profile continue to provide the much-needed support to the safe-haven CHF. Focus now shifts towards the SNB monetary policy assessment and US retail sales data due later on Thursday.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9761/65 (100-DMA/ Sept 12 high) and above which it could extend gains to 0.9793/0.9800 (200-DMA/ round figure). To the downside, immediate support might be located at 0.9706 (Sept 9 low) and below that 0.9650 (psychological levels).