USD/CHF: Upside loses steam post-Swiss jobs

The USD/CHF pair stalled its steady recovery path as we entered into early European trading, with the bulls on the back foot as calm sets in ahead of the ECB policy verdict.

USD/CHF: Swiss franc recovers on Swiss data

Currently, the USD/CHF pair trades almost unchanged near session lows of 1.0148, retreating from daily highs scored at 1.0161 last hour. The renewed selling interest seen behind the spot is largely on the back of stalled US dollar buying across the board, as the bulls consolidate previous heavy gains heading into the next key event, the ECB decision, which will have major impact on the Euro and eventually on the EUR crosses.

Moreover, in-line with estimates Swiss unemployment rate provided extra legs to the ongoing recovery in the Swiss franc versus the US dollar from two-month lows.

Data-wise, the major will look forward to the US jobless claims and import prices data for fresh momentum.

USD/CHF Technical Levels    

To the upside, the next resistances are seen near 1.0162/63 (classic R1/ Fib R2) and 1.0184 (Jan 10 high) and from there to 1.0200 (round figure). To the downside, immediate support might be located at 1.0125/08 (5 & 10-DMA) and below that at 1.0080/85 (20-DMA/ Classic S3) and at 1.0050/38 (psychological levels/ 50-DMA).