USD/CHF treading water above 100-DMA / parity mark
|The USD/CHF pair was seen consolidating Friday's sharp recovery move back above parity mark and seesawed between tepid gains and minor losses.
Currently holding just above 100-day SMA near 1.0025 region, the pair struggled for a firm direction on Monday as investors refrained from building on any fresh positions amid thin market liquidity conditions in wake of Presidents' Day bank holiday in the US.
Meanwhile, a subdued US Dollar price-action has also failed to provide any fresh impetus for the major, albeit has managed to tread water in wake of positive trading sentiment surrounding equity markets, which tends to weigh on the Swiss Franc's safe-haven appeal.
In absence of any major market moving releases, market sentiment surrounding the greenback would continue to be an exclusive driver of the pair’s movement ahead of this week’s key event risk – FOMC meeting minutes on Wednesday.
Technical levels to watch
From current levels, any upside momentum is likely to confront immediate resistance near 1.0050-55 region above which the pair seems to head towards testing 1.0075-80 resistance ahead of 1.0100 round figure mark. On the flip side, weakness back below parity mark, leading to a subsequent break below 0.9975 horizontal support, seems to drag the pair back towards 0.9970-65 horizontal support, en-route 0.9930 support area.
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