USD/CHF flat-lined around mid-0.9600s, SNB and US CPI awaited

The USD/CHF pair seesawed between tepid gains/minor losses and lacked any firm directional bias amid lackluster trading action on Thursday.

The pair held steady around 0.9640/50 band and was seen consolidating its recent strong gains of around 240-pips from 2-year lows touched last Friday. A combination of diverging forces failed to assist the pair to build on its near-term bullish trajectory since the beginning of this week. 

The US Dollar was underpinned by renewed optimism over the US President Donald Trump's pro-growth economic agenda, while the prevalent cautious environment was seen lending some support to the Swiss Franc's safe-haven appeal.

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Moreover, traders also seemed refraining from placing aggressive bets ahead of SNB's quarterly monetary policy assessment and the latest US CPI print, which further contributed to the pair's subdued price-action through Asian trading session on Thursday.

Meanwhile, the BoE decision-led volatility in the FX market might also influence safe-haven demand and help market players grab some short-term trading opportunities.

Technical levels to watch

A follow through bullish traction beyond 0.9660 level should lift the pair towards 100-day SMA hurdle near the 0.9690 region, above which the momentum could get extended towards 0.9720-25 area.

On the flip side, weakness below 0.9620 level now seems to find support near the 0.9600 handle, which if broken could accelerate the fall back towards mid-0.9500s en-route 0.9520-10 strong horizontal support.