Tests a swing level between 0.9234 and 0.92448
The USDCHF has traded to a high price of 0.92421. That took out the August 3 high at 0.9240 and has the pair trading at the highest level since July 24 (7 week high).
Looking at the daily chart, although a new high was made, it could not get above a swing area defined by lows and highs going back to March between 0.92346 and 0.92448. A move above that area would be needed to solicit more buying momentum.
What the price was able to do today was extend further above the swing highs from August 12 at 0.91972, and the swing high from September 8 at 0.91998. Those highs were taken out yesterday briefly, but the price closed just below that level. If the price is to continue higher, that area would need to hold support.
On more upside momentum, traders will be looking toward the 38.2% retracement of the move down from the March high at 0.93426 and the falling 100 day moving average currently at 0.9350 (and moving lower).
