USD/CHF rise for fifth straight session, inching closer to 200-DMA

Extending its bullish momentum for fifth consecutive day, the USD/CHF pair has now risen to 8-day high level to currently trade within striking distance of the very important 200-day SMA region around 0.9840 region.

Last week the pair reversed sharply after dropping to a multi-week low level. The recovery momentum got an additional boost from last week's stronger-than-expected headline NFP print for July. Friday's stellar jobs report has revived hopes of Fed rate-hike action, sooner rather than later. 

Meanwhile, the Swiss France came under fresh selling pressure after CPI data released on Monday showed deflationary pressure making a comeback, which might now fuel speculations of SNB action in the near-future. 

In absence of any major economic releases, the prevalent upbeat sentiment and buying interest surrounding the US Dollar might continue to boost the pair higher even from current levels.

Technical levels to watch

From current levels, 200-day SMA near 0.9857-60 region remains immediate hurdle, which if cleared decisively seems to lift the pair immediately towards 0.9900 handle before the pair extends its bullish momentum further towards July swing high resistance near 0.9950 region.

On the flip side, 0.9800 round figure mark now becomes immediate support, below which the pair seems to head back towards retesting 100-day SMA support near 0.9735 region.