USD/CHF trims gains, back close to 100-DMA at 0.9750

After losing upside momentum on Wednesday, the USD/CHF pair is attempting to regain its bullish momentum and is currently trading with some minor gains around 0.9765-70 region, although off-session high near 0.9785 region.

The pair has failed to gain further traction despite of stronger-than-expected ADP report on US private sector employment and a drop in weekly unemployment claims as investors remained worried over the UK economic fallout from the historic Brexit referendum that is driving safe-haven flows toward Swiss Franc. 

Next in focus would be the crucial release of US monthly jobs report on Friday, which would determine the near-term trajectory for the US Dollar and eventually drive the USD/CHF major. An exceptionally strong print would resurface fears of an eventual Fed rate-hike, sooner rather than later, and might trigger a sharp bullish reaction for the greenback. 

Technical levels to watch

Sustained weakness back below 100-day SMA immediate support near 0.9750 region, and a subsequent break below 50-day SMA support near 0.9735 area, would turn the pair vulnerable to continue sliding back towards 0.9700 round figure mark. On the flip side, 0.9800 round figure mark remains immediate resistance to conquer, above which the pair could make a fresh attempt to climb towards the very important 200-day SMA resistance near 0.9845-50 region.