USD/CHF struggling to break through parity mark

The USD/CHF pair traded in positive territory for the second consecutive day but remained below yesterday's sharp swing higher beyond parity mark.

Currently trading around 0.9985-90 region, the pair struggled to build on recent recovery from the very important 200-day SMA support and was seen consolidating around 100-day SMA region. 

Meanwhile, a range-bound greenback price action, with the key US Dollar Index consolidating around mid-100.00s, has failed to provide any fresh impetus. Meanwhile, a mildly cautious sentiment around European equity markets might lend some support to the Swiss Franc’s safe-haven appeal and continue to cap the up-move near parity mark.

In absence of any market moving economic releases, the pair remains at the mercy of broader market risk sentiment and the US Dollar price-dynamics. 

Technical levels to watch

On a sustained move above parity mark, the pair seems to head towards 1.0020-25 horizontal resistance ahead of 1.0045 resistance level (Jan. 30 high). Meanwhile on the downside, weakness below 0.9965 level (session low) is likely to find support near 0.9950 level, which if broken is likely to accelerate the slide towards 0.9925 horizontal support, en-route 0.9900 round figure mark.