The USDCHF moved up in the early part of the trading day, testing the swing area between 0.7986 and 0.7994, but once again found sellers (see red numbered circles). The high today reached 0.7984, just shy of the top of the resistance zone that has capped the pair on multiple occasions since July 4.

On the downside, the early U.S. session low moved below the 100 hour MA at 0.79618, but stalled just ahead of the 200-hour moving average at 0.7952, with the session low reaching 0.79545. This MA has been a key technical support level since July 3, helping to define the lower bound of the recent sideways range.

A break below the 200-hour MA would open the door toward the lower part of the consolidation area near 0.7924 and possibly down to 0.7919.

Conversely, to gain upside momentum, the pair needs to push away from the 100-hour MA at 0.79618 and ultimately push through 0.7994 and the 38.2% of the move down from the June high at 0.8002 - and hold above those levels (getting above the 38.2% is really the minimum to show the buyers are taking back more control).

For now, the USDCHF remains in a consolidative mode, with technical traders watching the edges of the range for breakout cues.