USD/CHF stuck in tight range above 20-DMA

The US dollar continues to trade around a flat-line against its Swiss rival in the European session, with the USD/CHF pair now managing to hold above the mid-point of 0.98 handle.

USD/CHF: Parity back in sight?

Currently, the USD/CHF pair trades -0.09% lower at 0.9860, hovering close to session lows reached at 0.9853 in the last hour. The major oscillates back and forth in a 10-pip tight range so far in the European session, as markets await fresh fundamental triggers for a break further to the upside.

The upside consolidation in the USD/CHF pair is mainly driven by muted trading activity seen behind the US dollar versus its main competitors, as the bulls take a breather after the recent extensive rally in the USD, backed by Trump’s presidency news.

Next of relevance for the major remains the US consumer sentiment data and Fed member Fischer’s speech lined up for release later in the NY session.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9900 (weekly high) and above which it could extend gains to 0.9946 (daily R2) and 0.9958 (Oct 28 high) next. To the downside, immediate support might be located at 0.9819 (5-DMA) and below that 0.9800 (round number) and from there to 0.9775 (10-DMA).

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