USD/CHF flirting with important confluence support at 0.9755

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The USD/CHF pair extended its reversal from 200-day SMA and is now on the verge of decisively breaking below 0.9755-50 confluence support.
The greenback came under renewed selling pressure across the board, primarily led by a sharp slide against its Japanese counterpart as investors continue to unwind their bearish Yen bets on the back of disappointment from BOJ decision. BOJ left its interest rates unchanged at -0.1% and launched a target for 10-year bond yields.
Investors now await for the Fed monetary policy decision, which could trigger a fresh bout of volatility in the FX market. With no move expected from the central bank, market participants will be focusing on the accompany policy statement, economic projection and comments from the Fed Chair Janet during subsequent press conference in order to determine the timing of next Fed rate-hike move.
Technical levels to watch
On a sustained weakness below 0.9755-50 confluence support (50-day & 100-day SMAs), the pair seems to accelerate the slide immediately towards 0.9715 horizontal support before breaking through 0.9700 handle towards testing monthly lows support near 0.9650 area.
Meanwhile on the upside, any recovery might now seems to face strong resistance at 0.9690 area above which the pair is likely to surge past the very important 200-day SMA and head immeditely head towards 0.9835 resistance zone.