The US dollar is seen gradually extending to the downside versus its Swiss counterpart in early Europe, sending USD/CHF to fresh session below 50-DMA at 0.9992. USD/CHF ignores risk-on rally in equities Currently, the USD/CHF pair trades 0.12% lower near daily lows of 0.9970, having met fresh supply near 50-DMA in opening trades. The offered tone surrounding the USD/CHF pair slowly gathers pace as the US dollar extends losses against its six major peers, following not-so optimistic comments from NY Fed Head Dudley. While weak pending home sales and Chicago PMI data also keeps the bulls at bay. The USD index drops -0.15% to 98.16. Attention now remains on the Swiss retail trade data and the US Markit and ISM manufacturing PMI reports due later today for fresh insights on the US economic outlook. USD/CHF Technical Levels To the upside, the next resistance is located at 0.9992/08 (50-DMA/ 100-DMA) and above which it could extend gains to 1.0083 (Feb 4 High). To the downside, immediate support might be located at 0.9958/50 (5-DMA/ psychological levels) and below that 0.9934 (1h 200 & 100-SMA). For more information, read our latest forex news.