USD/CHF stalls 4-day rally, but holds above 200-DMA

Having failed once again near Tuesday’s high, the USD/CHF pair extends its retreat into early Europe, although manages to remain well above 200-DMA located at 0.9858. 

USD/CHF capped below 0.9900

Currently, the USD/CHF pair trades -0.15% lower at session lows of 0.9877, retreating from 0.9894 highs. The major ran through fresh offers as sentiment soured as the negative European indices futures point to lower start on the European markets, lifting the bids for the safe-haven CHF.

Moreover, the ongoing weakness in the US dollar across the board, further added to the bearish tone witnessed in USD/CHF. The USD index now drops -0.12% to 96.43 levels. Nothing of note for the major in the day ahead, and therefore, it will track the risk-off/on sentiment persisting in the markets.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9894 (daily high) and above which it could extend gains to 0.9924 (daily R2). To the downside, immediate support might be located at 0.9858 (200-DMA) and below that 0.9800 (round number).