The USDCHF moved to a new cycle low of 0.94816 today and in the process moved below swing lows between 0.9494 and 0.9500. That is now a close barometer of the short term traders. Stay below is the best case scenario given the break today. Move back above and there could be some disappointment on the failure. A move back above 0.9519 and then 0.9532 would help to give the dip buyers more comfort in the short term, with more work to do to take back more control after the move lower over the last few weeks.
Taking a broader look at the daily chart there is some key support down below near the 61.8% retracement of the move up from the 2022 swing low from January 13. That level comes in at 0.94626. That retracement level is near a swing low levels at down to 0.9453 (see chart below).
