The USDCHF in trading yesterday, initially moved lower but found support buyers near it's 100 day MA (lower overlayed blue line in the chart below).
The risk focused buyers (risk could be defined and limited) against that key MA, were rewarded after Fed's Brainard spoke with more hawkish undertones. The price moved above the 200 hour MA (green line) but stalled near the 38.2% and a multi tested swing area between 0.9293 and 0.9296.
Today, after a modest dip to start the new trading day, the price of the USDCHF pushed higher to the low of another swing target between 0.9313 and 0.9319. After a final test of the lower swing area and 38.2% held support, the price based and pushed higher. The move took the price above the 50% at 0.93268 to a high at 0.9349.
For the most of the London session, the USDCHF has chopped up and down, BUT, the low has been finding support (this time) against the high of the aforementioned swing area between 0.9313 to 0.9319. The current price is trading right around the 50% level.
If the pair can now hold the 0.9313 to 0.9319 area, the buyers can be comfortable. A move below would likely have buyers turn to sellers. That level is the barometer for buyers and sellers going forward. For now, the level is holding giving the buyers the stronger hand (with work to do above the 50% retracement level).