FXStreet (Mumbai) - The renewed selling pressure seen in the Chinese stocks, keeps the recovery in the USD/CHF capped below 0.9950, as seen since mid-Asia. USD/CHF keeps the red as risk-off persists Currently, the USD/CHF pair trades -0.06% lower at 0.9943, with every attempt to extend higher sold-off at 0.9948. The CHF bulls are seen defending the 0.9950 barrier as markets continue to favour the safe-havens amid sharp sell-off in the Chinese equities. China’s stock markets witnessed fresh selling interest following softer inflation numbers released over the weekend. Moreover, broad based US dollar retreat also weighs on USD/CHF’s recovery mode from a brief dip to 0.9881 lows struck earlier in Asia. Looking ahead, markets now await the European open for fresh cues on the major. USD/CHF Technical Levels To the upside, the next resistance is located 0.9965/78 (5-DMA/ 1h 50-SMA) levels and above which it could extend gains to 1.0016 (50-DMA). To the downside, immediate support might be located at 0.9900 /0.9894) round number/ 100-DMA) and below that 0.9881 (daily low). For more information, read our latest forex news.