USD/CHF recovery loses momentum around 100-DMA

The USD/CHF pair advanced to a new session high at 1.0066 during the opening hours of the NA session but faltered as the 100-DMA stayed as a strong resistance. At the moment, the pair is trading at 1.0050, up 0.23% on the day.

The pair's movement on Thursday very similar to the US Dollar Index, suggesting that the greenback is the main driver of the price action. The DXY has been confined in a tight range in the last hour below 100.40 after failing to rise above 100.50.

In the meantime, major U.S. equity indexes on Thursday remain in the red as geopolitical concerns continue to weigh on the market sentiment. However, the CHF hasn't been able to take advantage of the low-risk appetite so far as the markets thin out because of the long weekend in Europe. European markets will be closed tomorrow and on Monday due to Easter holiday.

Range trading could be the central theme until the retail sales, and the CPI data is released from the United States tomorrow. 

Technical outlook

A break above 1.0060 (100-DMA) could open the doors towards 1.0100 (psychological level/Apr. 10 high) and 1.0160 (Mar. 9 high). To the downside, supports could be seen at 1.0000 (psychological level/20-DMA), 0.9965 (200-DMA) and 0.9890 (Mar. 24 low).