USD/CHF technical analysis: Faces rejection near 100-day SMA amid reviving safe-haven demand

• Retreats back closer to 0.9900 handle to snap three consecutive days of winning streak.
• Set-up remains in favour of bullish traders and should attract some dip-buying interest.

Having climbed to over one-month tops earlier this Tuesday, the USD/CHF pair witnessed a modest intraday pullback from a resistance marked by 100-day SMA. The pair, for now, seems to have snapped three consecutive days of winning streak and has now drifted back closer to the 0.9900 handle, eroding a part of the overnight strong gains.
 
Looking at the technical picture, the pair has been trending higher over the past five weeks or so along a short-term ascending trend-channel formation, suggesting a well-established bullish trend. Moreover, technical indicators on the daily chart have just started gaining positive traction and add credence to the near-term constructive set-up.
 
Meanwhile, oscillators on the 1-hourly chart have drifted into the bearish territory and have been losing positive momentum on the 4-hourly chart, pointing to a further intraday pullback amid the prevalent cautious mood and reviving demand for perceived safe-haven currencies – including the Swiss Franc.
 
Hence, a sustained breakthrough the mentioned handle is likely to accelerate the slide further towards the 0.9870-65 horizontal support en-route 50-day SMA support near the 0.9840 region, below which the corrective slide could further get extended back towards the 0.9800 round figure mark – support marked by the lower end of the ascending trend channel.
 
On the upside, bulls are likely to wait for a sustained move beyond the 0.9930 region (100-day SMA) before positioning for any further near-term appreciating move towards challenging the very important 200-day SMA resistance near mid-0.9900s. The latter coincides with the trend-channel resistance and should act as a key pivotal point for bullish traders.  

USD/CHF daily chart