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    USD/CHF trims gains, back around 50-DMA at 0.9740

    The USD/CHF pair's attempted recovery stalled at 100-day SMA resistance around 0.9760 region and the pair has now dropped back to its late Asian session trading range near 0.9740-45 band. The pair failed to gain further traction amid think market liquidity conditions on the back of holiday in the US markets in observance of Independence Day. The pair, however, has managed to claw back to 50-day SMA from the vicinity of 0.9700 level touched late Friday last week. In absence of any major economic releases, slated for release on Monday, the pair is likely to continue trading within a narrow trading range. Going forward, FOMC meeting minutes on Wednesday, followed by US monthly jobs report on Friday, would be the next big trigger that would assist traders to determine the pair's trajectory in the near-term.Technical outlookArnaud Masset, Market Analyst Swissquote Bank SA, notes, "Hourly support is given at 0.9711 (01/07/2016 low). Hourly support is resistance is located at 0.9837 (28/06/2016 high). A break of this resistance is needed to confirm a trend reverse. In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support can be found 0.8986 (30/01/2015 low). The technical structure favours a long term bullish bias since last December."


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