USD/CHF stays directionless in narrow range above parity

• US Dollar Index recovers a small part of this week's losses.
• Wall Street looks to open the day flat.

After losing nearly 100 pips from the weekly opening level, the USD/CHF found support near 1.0030 on Thursday and is now moving sideways in a tight range in the lower half of its weekly range. As of writing, the pair was virtually unchanged on the day at 1.0040.

With the 10-year US T-bond yield rebounding for the second straight day on Thursday and the greenback reversed its course and the US Dollar Index, which closed every single day in the negative territory since last Friday's disappointing NFP reading, is now up 0.26% on a daily basis at 96.72. The data from the U.S. today showed that weekly initial jobless claims increased by 6,000 to 229,000 in the week ending March 9 and import prices rose 0.6% on a monthly basis in February.

Meanwhile, the S&P 500 Futures is trading flat on the day, suggesting that Wall Street is likely to open the day in a calm manner. However, with latest headlines suggesting that the U.S. could postpone the meeting between President Trump and President Xi to late April could hurt the stock markets and trigger a flight-to-safety to help the safe-havens gather strength in the second half of the day.

Technical levels to consider