The pair stalled at swing area
The USDCHF peaked yesterday within a swing area going back to swing lows from June 2020 and July 2020 (before breaking lower in July), and swing highs and lows in March 2021.
That swing area came between 0.93606 and 0.93753. The high price yesterday reached 0.93676 and rotated back to the downside.
Looking at the hourly chart, the price decline today stalled against the 100 hour moving average currently at 0.93037 (blue line). After a bounce higher in the London morning session, the price rotated back to the downside, cracking below its 100 hour moving average in the process.
The low price reached 0.92811. That was just above the swing lows from Wednesday’s trade, but comfortably above the 200 hour moving average at 0.92743.
The bounce has now taken the price back up toward its 100 hour moving average. There has been a look above that level, but buyers are somewhat reluctant at least for the time being. A break above would be more positive from a technical perspective IF the price can stay above that moving average level. The current price trade at 0.92656 as I type
Conversely, a fall below the 200 hour moving average should increase the bearish bias.