The USDCHF is trading at a new low for the day near 0.9225.
That level corresponds with the 50% of the move up from the January 21 low. Also near that retracement level, are other swing low levels going back to February 8 (see red numbered circles).
On February 9, the price did move below that level and tested another swing area between 0.9217 and 0.9220, but found support buyers. After that failed break, the level was reestablished as support not only on February 9, but also February 10 and again during yesterday's trading.
On a break, the 100 day moving average at 0.9213 would be another downside level to get "to and through" to increase the bearish bias and control. I made some edits
So far, the support level is holding as dip buyers lean with risk defined and risk limited. On the topside, a move above 0.92385 could see some more upside probing with the 200 hour moving average at 0.92469 and the 100 hour moving average at 0.9253 as additional upside targets. Earlier today, the price tried to extend above the higher 100 hour moving average only to run out of steam without much upside momentum.
