USD/CHF keeps the red near session lows, just above mid-0.9900s as focus shifts to US ISM PMI

   •  The USD bulls fail to capitalize on the ongoing upsurge in the US bond yields.
   •  Disappointing ADP report also does little to provide any respite to the USD.
   •  Traders now eye US ISM non-manufacturing PMI for some fresh impetus.

The USD/CHF pair held on to its weaker tone through the early North-American session and remained well within the striking distance of daily lows post-US ADP report.

The pair extended overnight rejection slide from the parity mark, or near two-week tops, and lost some additional ground for the second consecutive session on Wednesday amid some renewed US Dollar selling pressure. 

Despite a strong upsurge in the US Treasury bond yields, triggered by a fresh wave of global risk-on trade, the greenback failed to gain any traction and kept exerting some downward pressure on the major. 

The USD remained on the defensive after the ADP report showed private-sector employers added less than expected, 129K new jobs in March, though was partly offset by an upward revision of the previous month's reading. 

Next on tap will be the release of US ISM non-manufacturing PMI, which will be looked upon for some immediate respite for the USD bulls and in order to grab some short-term trading opportunities.

The key focus, however, will be on the official monthly jobs report - popularly known as NFP, due for release on Friday, which might help investors determine the pair's next leg of a directional move.

Technical levels to watch

Any subsequent slide below mid-0.9900s is likely to find some support near the 0.9930 region, below which the pair is likely to head back towards challenging the 0.9900 round figure mark. On the flip side, the 0.9980-85 region, closely followed by the parity mark might continue to act as an immediate resistance, which if cleared might trigger a short-covering rally back towards the 1.0050 supply zone.