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USD/CHF has been finding resistance below the critical 200-day moving average for past few days. The currency pair had broken below the 200-day moving average on September 11, 2012 i.e. over 4 and a half months back and since then the price action could not break over this resistance.

The break certainly indicates that we can expects further upward gains but there is one more hurdle on the way and that is 0.9389 level. The current high has been 0.9373. In case USD/CHF breaks over 0.9389 then it should target the 95.00 psychological level but in case the resistance of 0.9389 holds then we can see some consolidation.

USD/CHF daily chart with 200-day moving average

You may also check the weekly outlook for USD/CHF.