USD/CHF muted around 0.9800 after Swiss GDP, up next CPI print

The USD/CHF pair maintained its mild positive bias and held just above 0.9800 handle, within a narrow trading band, following the release of Swiss economic growth numbers.

Switzerland GDP posted a better-than-expected quarterly growth of 0.6% during second-quarter of 2016. Also on a yearly basis the recorded growth was higher-than estimated at 2%. The pair has a muted reaction to the release and held on to its minor gains, struggling for a firm direction amid mixed US Dollar performance. 

Next on tap would be Swiss CPI print for the month of August ahead of the release of US ISM services PMI later during NY trading session.

Meanwhile, despite of Friday's sharp reversal from 0.9740 level, touched in the aftermath of dismal headline NFP print, the pair has been capped below the very important 200-day SMA. Hence, a strong follow through buying interest is required in order to confirm further appreciating move in the near-term. 

Technical levels to watch

Immediate upside resistance is pegged near 0.9820 region (200-day SMA), which is followed by 0.9885 (last week's swing high resistance) ahead of 0.9900 round figure mark. On the downside, support is seen at 0.9765 (50-day SMA), 0.9750 (100-day SMA) and 0.9739 (Friday's swing low).