The USDCHF is consolidating in choppy trading today, but continues to hold support within a key swing area between 0.81079 and 0.81195 (see red circles and yellow area on the chart above).
The session low reached 0.8114, comfortably within that support zone, while the high extended to 0.8133, falling just short of the next upside target at 0.81392, a resistance level defined by the June 24 swing high
Above that, the July 14 high at 0.81509 remains the next key upside objective (high for the year). Recall that on Monday the pair broke above its near-converged 100- and 200-hour moving averages (blue and green lines on the chart above), a technical development that shifted the bias back in favor of the buyers. Since that breakout, the price has remained above those moving averages, which have now risen to 0.8095-0.8097.
As long as the price stays above those key trend-defining levels, buyers remain in control (the bias is in favor of the buyers). A move back below the moving averages would weaken the bullish bias and give sellers more confidence. Before then, the first support to watch remains the bottom of the swing area at 0.81079.