The USDCHF is testing a swing area between 0.8978 and 0.8998. Looking at the daily chart, the August low came in at 0.8998. In November, the low was extended to 0.8978 before cracking below each level on December 2. The price is returning back to that area for the 1st time since that break. The low for the USDCHF reached to 0.87568. That low was the lowest level since January 2015. So although the pair has rebounded from that low toward the 0.9000 level, the pair is still near some pretty low levels for the pair going back 5-6 years.
If the price can't get above the 0.8998 level (call it 0.9000), the next key target would be the 100 day moving average. That moving average currently comes in at 0.9020. The price of the USDCHF is not closed above its 100 day moving average since May when the price was at 0.9682. The 50% of the last trend move down from the September high is also near that area at 0.90262. Getting above both those levels should open up the door for further upside momentum for the USDCHF. Staying below keeps the bears more in control.