USDCHF has been moving sideways on its daily time frame, finding support at the .9100 major psychological mark and resistance at .9340. Price just bounced off the range resistance and might be aiming for the bottom again.

However, the 100 SMA is above the 200 SMA to suggest that the path of least resistance is to the upside. Price is testing the dynamic support at the 100 SMA, which lines up with the middle of the range and might be enough to keep losses in check.

If support holds, USDCHF could make its way back up to the top of the range or higher. Stochastic is turning lower from the overbought zone and has room to move south, though, so the pair might carry on with its slide to the range bottom.

Similarly RSI is turning lower, so price could follow suit while bearish pressure is in play.

There are no major reports due from the US economy today, although the release of the ADP jobs report might bring some volatility. After all, some consider this a leading indicator for the official NFP release due later in the week.

Analysts expect a 185K gain in hiring, much slower than the earlier 807K increase. Other leading indicators such as the ISM PMI figures are due throughout the week, so dollar traders will likely pay close attention to the employment components to see if any gains were made last month.

The actual NFP is also projected to show a slower pickup in employment for January, with the figure expected to come in at 145K versus the earlier 199K gain.

Weaker than expected results could undermine Fed tightening hopes for this year, which might mean some downside for the US dollar. An upside surprise, on the other hand, could keep dollar bulls hopeful for a hike in March.