The USDCHF failed on a break above topside swing resistance

The USDCHF move to the highest level since December 15 today, and in the process broke above a swing area between 0.9268 and 0.92746. The high price reached 0.92776, but has failed on a break, and rotated back to the downside (see post from yesterday). .

The selling has now taken the price back toward another swing area between 0.9249 and 0.9255 (see red numbered circles). Earlier today, the price did move below that area, but found dip buyers ahead of the 50% midpoint of the range since November 24 at 0.92372. The low price reached 0.92416.

The buyers had their shot above the resistance area up to 0.92746. Yesterday, and in the early Asian session today, the price stalled within that area and moved lower. The run back to the upside into the early US session should of sent the price toward the upper channel trendline and high from December 15 near 0.9287 and 0.92937 respectively. That didn't happen.

Instead the break failed and the price rotated back to the downside.

As a result I feel a little more bearish intraday least. Get below 0.92495 and it increases the comfort level. Get below 0.92372 in the comfort level for sellers increases even more.

If in contrast, you like the upside for the USD, the 0.92495 is a close intraday risk level. Stay above, and moved back into the upper swing area and sellers might not like it.