The USDCHF moved up to test the 100 day MA yesterday, and today was able to extend above that key MA. That break only lasted for a brief moment. The price started to move back down as buyers turned to sellers on the failed break.
That fall has now taken the price to the 50% midpoint of the February range at 0.89577. Yesterday, that level was a stall point on the way higher (before breaking higher). Today, the level held support.
The correction off the low took the price up to retest the 61.8% at 0.89783 and stalled.
As a result, the pair has found an intraday support and resistance level off the retracement levels. A break below the 50% will likely lead to more downward selling. A move above the 61.8% will have traders looking again toward the key 100 day MA.