USD/CHF ends 10-day winning streak, drops below 1.0100

The USD/CHF pair kicked-off the week on a slightly weaker note, now extending its retreat from nine-month highs as the greenback accelerates its bearish corrective mode heading into the European opening bells.

USD/CHF drops back towards 5-DMA at 1.0078

Currently, the USD/CHF pair edges -0.11% lower at 1.0088, meandering near session lows struck at 1.0086 few minutes ago. The major turns negative for the first time in eleven days, closely following the US dollar index lower, as both attempt a minor-corrective mode after the recent winning streak, in wake of a Trump-win led optimism and increased Dec Fed rate hike bets.

The Swiss franc attempts minor gains versus the American dollar, despite risk-on market profile, driven by higher oil prices and Asian equities. Nothing of relevance for the major in  the upcoming European session, and therefore, markets will closely track the broader market sentiment and USD dynamics for further momentum on the major.

USD/CHF Technical Levels

To the upside, the next resistance is located at 1.0100 (round figure) and above which it could extend gains to 1.0131 (multi-month high) and 1.0200 (zero figure) next. To the downside, immediate support might be located at 1.0078 (5-DMA) and below that 1.0004/0 (10-DMA/ parity) and from there to 0.9950 (psychological levels).