USD/CHF remains well offered below 0.9700 handle ahead of US data

Bearish sentiment surrounding the greenback is dragging the USD/CHF pair lower for fifth straight day, taking it closer to July monthly lows touched on Friday following the release of disappointing US GDP print.

Last week's lower-than-expected advanced US GDP growth estimate, followed by Monday's weaker ISM manufacturing PMI seems to have seriously dented prospects of a Fed rate-hike action in 2016 and is weighing heavily on the US Dollar across the board.  
Currently trading near session low at 0.9660, the pair failed to extract any support from weaker-than-expected retail sales and manufacturing PMI data from Switzerland. 

The pair is building on to its last week's sharp reversal after once again failing to sustain its strength above the very important 200-day SMA and has also broken through 50-day and 100-day SMA strong support levels, clearly indicating a near-term break down. 

However, further selling pressure seems to have halted for the time being as investors now await for the release of Core PCE Price Index and personal spending data, later during NA trading session.

Technical levels to watch

Weakness below Friday's swing low support near 0.9640-35 region should continue dragging the pair initially towards 0.9610 intermediate support and eventually towards a shor-term ascending trend-line support near 0.9570 level.

On the flip side, any recovery attempt above 0.9700 handle now seems to confront a strong resistance at 100-day SMA near 0.9730 region, which is followed by 50-day SMA resistance near 0.9770 region.