USD/CHF struggles to find direction, trades above 0.9700

• USD/CHF continues to trade in its 3-week-old range.
• US Dollar Index stays flat near 99.80 in quiet day.
• Industrial Production in Switzerland expanded in first quarter.

The USD/CHF pair is fluctuating in a 30-pip range on Monday amid thin trading conditions. As of writing, the pair was trading in the middle of its three-week-old range at 0.9715, gaining 0.06% on a daily basis.

Earlier in the day, the data published by Swiss Statistics revealed that Industrial Production in Switzerland expanded by 0.8% on a yearly basis in the first quarter. This reading followed an increase of 1.4% in the last quarter of 2019 and was largely ignored by the market participants.

Meanwhile, major European equity indexes, with the exception of the UK's FTSE 100, are posting strong gains on Monday to point out to a strong risk appetite at the start of the week. 

DXY moves sideways below 100

Although the CHF is struggling to find demand as a safe-haven, the greenback's uninspiring performance is allowing the pair to remain stuck in its range. Financial markets in the US are closed in observance of Memorial Day and the US Dollar Index is staying unchanged on the day near 99.80.

On Tuesday, Trade Balance data will be released from Switzerland at 0900 GMT. Later in the day, New Home Sales, Conference Board's Consumer Confidence Index and Dallas Fed Manufacturing Index from the US ill be looked upon for fresh impetus.

Technical levels to watch for

USD/CHF