After failing to extend its recovery from previous session low level, the USD/CHF pair erased its early Asian session up-tick and dropped back to currently trade around 100-day SMA support near 0.9750 region. The current trading week could be seen as consolidation phase following its sharp recovery from monthly low levels touched in the previous week. On Thursday the pair extended its corrective move and dropped to test 50-day SMA support on broad US Dollar weakness. The pair however, recovered after the release of stronger-than-expected Chicago PMI data and managed to hold 100-day SMA support on daily closing basis. On Friday, cautious trade is supporting the perceived safety of the Swiss Franc as market focus now turns back to China-led global economic slowdown after the release of disappointing Chinese manufacturing PMI data. Today's focus would remain on PMI releases as traders now look forward to the release of US ISM manufacturing PMI data later during NY trading session.Technical levels to watchBulls would be disheartened if the pair decisively breaks below 50-day SMA support near 0.9730 region, below which the pair might turn vulnerable to drop back towards its previous trading range resistance break-out point, now turned support, near 0.9680-70 area. A follow through selling pressure might continue to drag the pair further towards its next major support near 0.9600 region. On the flip side, should the pair continue holding 50-day SMA support and attempts to build on to its gains from 100-day SMA region, it seems to make a fresh attempt to move back above 0.9800 handle. On a sustained strength above 0.9800 handle, the pair seems more likely to extend its near-term bullish momentum immediately towards the very important 200-day SMA resistance near 0.9845-50 region.