The USDCHF has moved down as yields backed off from earlier highs and stocks retraced some of their gains. The Dow is up. The S&P are still down marginally, but the declines are less.
For the USDCHF, looking at the hourly chart, the price has seen up and down trading today. The high just an hour or so ago, was back up testing the high from earlier in the day, but held.
The subsequent move lower has rotated back to the low for the day. That has also taken the price back to the 100 hour MA (blue line) currently at 0.9259 and a swing area between 0.9256 and 0.92597. That is holding too.
So the ups and downs in the pair today, are doing a good job of defining the range.
Traders will look for the next break – either higher or lower, but the same may – and are – leaning at either extreme too. Risk can be defined and limited at either extreme, until proven otherwise (from a break).