Ella 
USD/CHF is gaining momentum near 0.8795 following weak Swiss retail sales data.
USD/CHF is holding below the declining 100 hourly exponential moving average (EMA).
Key resistance is in the 0.8800-0.8805 area; key support to watch is at 0.8760.
USD/CHF gained traction near 0.8795 during early European trading on Thursday. The Swiss franc weakened against the dollar following the release of Swiss actual retail sales data. Market participants will turn their attention to the U.S. core personal consumption expenditures price index (PCE) and weekly jobless claims due later in the North American session.
The latest data released by Switzerland’s Federal Statistics Office on Thursday showed that the country’s real retail sales increased by -2.2% year-on-year in July, compared with an increase of 1.8% in the previous month.
Looking at the one-hour chart, USD/CHF is holding below the key 100-hour exponential moving average (EMA), which maintains a downward slope, implying the pair has the least resistance to the downside.
That said, the key resistance level for USD/CHF will be in the 0.8800-0.8805 area, which represents the confluence of the upper border of the Bollinger Band, the psychological round number and the 100-hour EMA. Additional upside resistance lies at 0.8818 (28 Aug low), then 0.8854 (28 Aug high), and finally 0.8875 (25 Aug high).
On the downside, key support to watch is at 0.8760, the lower bound of the Bollinger Bands and the August 24 low. Further south, the next stop for USD/CHF lies at 0.8700 (psychological round number mark). If there is an intraday pullback below 0.8700, the next downside stops would be at 0.8635 (August 13 low) and 0.8690 (August 10 low).
Notably, the Relative Strength Index (RSI) remains in the bullish territory above 50, supporting buyers for now.
