Ella 
The USD/CHF extended its losses to the 50-day moving average (DMA) at 0.8957, but bounced back from this level to close at 0.8987 on Wednesday, encountering resistance at the 200-day DMA. The USD/CHF was nearly unchanged at 0.8987 after the Asian session opened on Thursday.
USD/CHF is back up after a week and is currently trading between its 50- and 200-day moving averages, with the 200-day moving average at 0.9014, putting downward pressure on the pair. USD/CHF rose as high as 0.9200 as traders went long USD/CHF as Swiss inflation continued to slow. However, the recent decline in U.S. bond yields has triggered a short-term downtrend in USD/CHF, while also creating a double top pattern on the chart.
Against this backdrop, the USD/CHF is consolidating. USD/CHF will face pressure below the 50-day EMA at 0.8900, followed by a test of the September 11 swing low at 0.8893. On the other hand, if USD/CHF reclaims the 200-day EMA, USD/CHF may bounce back and test the recent cycle high at 0.9088, followed by a test of the month-to-date (MTD) high at 0.9245.
