The USD/CHF prolonged its weekly gains to five consecutive days and reached a new two-month high at 0.8977, but it has yet to reclaim the 0.9000 level. Nevertheless, the pair is poised to continue its uptrend and challenge the 200-day Moving Average (DMA() at 0.9039 once buyers reclaim 0.9000. At the time of writing, the major currency is trading at 0.8963, having touched a daily low of 0.8944.

The daily chart depicts the pair's recovery after reaching a new yearly low of 0.8552. Since then, purchasers have increased the USD/CHF exchange rate by 4.50 percent, bringing it to its current levels. Even though purchasers reclaimed the 50-day simple moving average at 0.8774, they are unable to regain control until they reclaim the psychological 0.9000 level, followed by the 200-day simple moving average at 0.9039. Once these regions are cleared, the next test would be the high from May 31 of 0.9147.

In contrast, if the USD/CHF falls below the 14 September daily low of 0.8914, this would intensify the challenge to the 0.8900 level. In the event of a breach of the latter, the pair may target the weekly low of 0.8893, followed by the 50-day simple moving average at 0.8774.

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