The USDCHF traded down and back up in the Asian and early European session. The move to the upside reached up to test its falling 100 hour moving average (blue line in the chart above) there was a brief peek above the moving average level but sellers pushed the price back to the downside. The ECB decision sent the price lower with the overall USD selling.
Looking at the hourly chart, the low price today reached down toward 0.9668. Going back to July 6. That level was a interim floor before resuming its run to the upside. On Tuesday, the price moved down toward that level, broke below the level, but could not sustain downside momentum. During yesterday's trade buyers kept a bid ahead of the 0.9669 level and pushed the price up in the New York session afternoon where sellers leaned against the broken 38.2% retracement of the move up from the June 29 low at 0.97359 before settling the day at 0.9711.
The price has rebounded off the 0.9669 area and currently trades at 0.9696. That is also taken the price back above the 50% midpoint of the same move higher from the June 29 low.
What now?
The high and the low for the day was defined near risk defining levels.
On the topside the 100 hour moving average (along with a swing area (see yellow area in the chart above) did a good job of stalling the rally.
On the downside, the 0.9669 swing level also did a good job of providing support. The current price near the 0.9700 level is between those levels. The 50% midpoint is also implied 0.9689. Being above that midpoint level tilts the bias a little more in the favor of the buyers technically, but more important are the aforementioned technical high and technical low defining the range today.
So buyers and sellers are battling it out with the lines in the sand drawn.