USD/CHF recovers sharply from NFP-led slide to 0.9740

Extending its sharp reversal from Thursday's multi-week high level of 0.9885, the USD/CHF pair dropped to 0.9740 region following the release of disappointing headline NFP print. 

The pair, however, reversed quickly to recover all of its lost ground and is now trading absolutely flat, just below 0.9800 handle.

According to the report released by US Labor Department, US economy added 151k new jobs in August, which was lower-than 180K expected and far below July's 275K. The unemployment rate was unchanged at 4.9% versus expected down-tick to 4.8%. 

Although the pair has repeated failed to sustain its strength above 200-day it has still managed to find fresh buying interest around 100-day SMA, clearly indicating that the ongoing upward trajectory is more likely to continue in the near-term.

Technical level to watch

On the upside, 200-day SMA near 0.9825 region remains immediate strong resistance, which if cleared should assist the pair back towards reclaiming 0.9900 handle ahead of July swing high resistance near 0.9950 level. On the downside, 100-day SMA near 0.9740 region now seems to have emerged as immediate strong support, which if broken might negate any near-term bullish bias and continue dragging the pair in the near-term.