USD/CHF struggling near 1-month lows, below 200-DMA

   •  Persistent USD selling bias offset rising US bond yields.
   •  Reviving safe-haven demand underpins CHF.
   •  US housing data could provide trading impetus. 

The USD/CHF pair was seen struggling to register any meaningful recovery and now seems to have entered a consolidation phase near the very important 200-day SMA.

A combination of factors, ranging from persistent US Dollar selling bias and a slight deterioration in investors' appetite for riskier assets, have failed to provide any immediate respite for the bulls. 

Last week's dovish FOMC meeting minutes continued exerting some downward pressure on the greenback and helped offset a modest pickup in the US Treasury bond yields. Adding to this, a mildly cautious trading sentiment around equity markets extended some support to the Swiss Franc's safe-haven appeal and further contributed towards keeping a lid on the pair's recovery attempts.

Today's release of new home sales data from the US would be looked upon for some trading impetus ahead of speeches by influential FOMC members - Minneapolis Fed President Neel Kashkari and New York Fed President William Dudley.

Technical levels to watch

A clear break below 0.9780-75 area now seems to pave way for extension of the pair's near-term downward trajectory towards mid-0.9700s en-route 100-day SMA support near the 0.9725 region.

On the upside, 0.9825-30 zone now seems to act as an immediate hurdle, above which a bout of short-covering could lift the pair towards 0.9875 intermediate resistance ahead of the 0.9900 handle.