USD/CHF flat on the day amid subdued trading action

The USD/CHF  pair turned flat on the day after failing to rise above the 100-DMA resistance. The pair remains in a 40 pip range on Thursday as the investors refrain from carrying heavy positions ahead of tomorrow's important NFP figures.

The US Dollar Index also reflects the muted market action as it continues to stay around 100.50 despite the strong jobless claims data. With a decline of 25,000 for the week ending March 24, initial claims for state unemployment benefits recorded their biggest fall in nearly two years and came in at a seasonally adjusted 234,000.

• US: Initial jobless claims declined 25,000 to a seasonally adjusted 234,000

Meanwhile, the headlines from the crucial meeting between the US President Donald Trump and Chinese President Xi Jinping will be watched closely as they have the potential to shape the risk sentiment. U.S. stocks are set to open lower on Thursday, but investors could remain on the sidelines, limiting the volatility until a fresh impetus emerges.

• Critical first encounter between US President Trump and his Chinese counterpart Xi – Lloyds Bank

Technical levels to watch

Above 1.0070 (100-DMA), the USD/CHF pair could face the next technical resistance at 1.0100 (psychological level/Fib. 50% of Jan/Feb fall) and 1.0170 (Mar. 7 high). On the flip side, supports could be encountered at 1.0000 (psychological level), 0.9955 (200-DMA) and 0.9880 (Mar. 22 low).