FXStreet (Mumbai) - The direct correlation between the EUR and the CHF remained intact as expected, due to which the USD/CHF fell 1%, making the CHF as the second strongest currency against the USD. Trades below 23.6% of 800-pip rally The pair below 1.0127, which is the 23.6% retracement of the rally witnessed since Oct 15th. The drop in the CHF was largely in line with the one seen in the EUR. Moreover, markets believed the SNB would retaliate any aggressive action from the ECB. Given the EUR has spiked on hawkish Draghi, the CHF followed suit. The pair clocked a low of 1.0039 before trimming losses to trade above 1.010 levels. USD/CHF Technical Levels The immediate resistance is located at 1.0127 (23.6% of 0.9476-1.0328), above which the pair could re-test the hourly 200-MA at 1.0237. On the other side, a break below the daily low of 1.0039 would expose 0.9894 (50-DMA). For more information, read our latest forex news.