USD/CHF recovers to turn flat at 0.9750, eyeing US data from fresh impetus

Having posted a daily low at 0.9737, the USD/CHF pair has managed to recover all of its lost ground to currently trade nearly unchanged around mid-0.9700s.

Ahead of Friday's releases from the US, later during NA trading session, traders seem to reposition themselves and trimming their bearish USD bets, which provided a short-covering lift to the major.

Today's US economic data might help investors to clear uncertainty surrounding the Fed monetary policy outlook for the rest of 2016 and hence, will be keenly watched for near-term direction for the US Dollar.

How strong has the move been?

The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is strongly bearish. Currently RSI is at 53.61, up from the last hourly print at 48.03, with ADX at 18.29, up from its previous close at 16.49. Daily RSI sits at 47.34, in neutral territory.

Looking to momentum indicators, the hourly 200 SMA is currently at 0.9751, up from the last close at 0.9751 and climbing. Over the past 20 days, the exponential average closing price is 0.9781, and trending lower.

Price levels to be considered

With immediate resistance ahead at 0.9764 (Daily High), 0.9768 (Yesterday's High) and 0.9778 (Daily Classic R1). Support to the downside can be found at 0.9745 (Daily Classic PP) and 0.9737 (Daily Low).