USD/CHF turns flat at 0.9820, upside remains capped at 200-DMA

A fresh bout of selling pressure seems to have emerged around the US Dollar that led the USD/CHF pair to erase all of its early gains and turned absolutely flat to currently trade around 0.9815-20 band. 

Earlier during the day, the pair continued to gain traction on broader US Dollar strength led by Friday's impressive NFP number that surpassed even the most optimistic estimates. 

The pair, however, lost upside momentum and is once again reversing from the very important 200-day SMA, confirming a strong supply zone near 0.9850-55 region. 

Going forward, the Swiss Franc is likely to gain traction on any further fallout from the historic Brexit referendum and could drive the USD/CHF pair in the near-term.

Technical levels to watch

From current levels, sustained weakness below 0.9500 handle is likely to get extended towards 0.9765 intermediate support before the pair heads back towards retesting important moving-averages (50-day & 100-day SMAs) confluence support near 0.9745 region. On the upside, 200-day SMA, near 0.9845-50 region, remains immediate strong resistance, which if conquered decisively now seems to assist the pair beyond 0.9900 handle, towards May highs resistance near 0.9945-50 region.