Little changed on the day
Like all the major currency pairs today (and crosses for that matter, the USDCHF only has a 36 pip range. The 22 day average is 58 pips. The range is only 62% of the average range. There is not a lot of activity.
Technically, looking at the hourly chart, the earlier rise was able to get above a topside trend line. Each of the trend line breaks could not muster enough momentum to get to the next target at the 61.8% retracement, but the 50% was also holding on the corrections - until it ran out of steam.
The last 5 hours has seen a move and test of the 200 hour MA (green line) at 0.96344. Sellers turned to buyers, and we are back testing the 50% retracement level.
With the price back above the 200 hour MA and the correction holding, I give the nod to the bulls in the short term. But the price needs to take back the 50% at 0.96498, and get and stay above the trend line (at 0.96613 now).
If the 200 hour MA is broken to the downside, that feeling will go away, ans the bias will shift more to the downside.
