USD/CHF lacking momentum to break through 3-day old trading range

The USD/CHF pair extended its consolidative move within 25-30 pips narrow trading range above the parity mark.

Against the backdrop of the latest news suggesting that the House might be looking to revive the healthcare bill instead of moving on to the tax reforms, has led to subdued US Dollar price-action. 

   •  US Dollar unchanged around 100.40, ADP, FOMC on sight

Meanwhile, the prevalent cautious sentiment around global equity markets has been lending support to the Swiss Franc's safe-haven appeal and has eventually led to the pair's subdued, range-bound movement for the third consecutive session. 

Moreover, investors also seemed reluctant to place big bets ahead of Trump's meeting with Chinese President Xi Jinping later this week. 

In the meantime, today's US economic docket that include - ADP report on private sector employment, ISM non-manufacturing PMI, along with the FOMC meeting minutes, would be looked upon for the required momentum that could assist the pair to break through three day old consolidative trading range.

Technical levels to watch

Momentum above 1.0040 level is likely to get extended towards 100-day SMA strong hurdle near 1.0075 region ahead of the 1.0100 handle. On the flip side, the parity mark might continue to act as immediate support, which if broken might trigger a corrective slide towards 0.9965 horizontal support en-route the very important 200-day SMA support near 0.9925 region.