USD/CHF Price Analysis: To test the 200-DMA as sellers eye the 0.9000 mark

• USD/CHF in a strong uptrend on the daily chart, targeting key resistance at 0.9000.
• A break above 0.9000 could lead to a test of the 200-day Moving Average at 0.9041, followed by the May 31 high at 0.9147.
• Sellers need to push the pair below this week’s low of 0.8893 to regain control and shift momentum.

The US Dollar (USD) prolonged its gains versus the Swiss Franc (CHF) on Thursday, as the Greenback (USD) prints a six-month high, as inflation data during the last couple of days shows inflation remains elevated. Nevertheless, money market futures do not foresee a rate hike in September, but November remains open. Hence, the USD/CHF is trading at 0.8964 after hitting a daily low of 0.8914.

USD/CHF Price Analysis: Technical outlook

The daily chart depicts the pair as in a steady uptrend, with USD/CHF buyers eyeing the 0.9000 mark. A breach of the latter would expose the 200-day Moving Average (DMA) at 0.9041 before the major reaches the May 31 daily high at 0.9147. On the other hand, sellers must drag prices below the current week’s low of 0.8893 if they want to reclaim control.

The USD/CHF is set to test the 0.9000 mark in the short term, but buyers must first reclaim the R1 daily pivot at 0.8960. if that level is surpassed, the pair will aim toward the R2 pivot point at 0.8985 before claiming 0.9000. Conversely, the major would shift downwards if it drops below today’s daily low of 0.8914.

USD/CHF Price Action – Daily chart