USD/CHF stuck in a trading range above 1.0100 handle

The USD/CHF pair extended its near-term consolidation phase within 100-pips broader trading band and is heading back towards the top end of the range. 

Currently trading around 1.0150 region, the pair caught fresh bids near 1.0100 handle and regained traction on Wednesday after failing to build on upbeat US economic data-led strong move in the previous session. Tuesday's economic data reconfirmed that the Fed would certainly raise interest-rates on December 14. However, market participants now look for clarity over the Fed's monetary policy outlook beyond December meeting, leading to an indecisive price-action around the major.

Looking at the broader picture, the current phase of range-bounce movement could be categorized as a near-term consolidation phase following the pair's post-US election sharp up-surge of around 650-pips to the highest level since Feb. Hence, the incoming US macro data, including Friday's key NFP data, might now provide fresh impetus for the pair's next leg of directional move.

In the meantime, today's US economic calendar featuring - ADP report, Core PCE Price Index, Chicago PMI and pending home sales data, might help traders to grab short-term momentum play.

Technical levels to watch

On the upside, 1.0170 area seems to act as immediate resistance above which the pair is likely to aim towards reclaiming 1.0200 handle and head towards testing yearly highs resistance near 1.0250-55 region. On the downside, 1.0100 handle now becomes immediate support, which if broken, leading to a weakness below 1.0075 weekly lows support, could accelerate the slide towards 1.0015-10 strong support.