The USDCHF broke above the high from last week near 0.9224. The level was also near swing highs going back to the end of March when the price last traded at these levels.
Breaking above that level should be more bullish, but the high price could only reach 0.9237 before rotating back below the 0.9224 level.
Traders will be watching that level for short-term close. If the price can stay below, it may give sellers a reason to push the price lower. Conversely, moving back above and staying above opens the door for further upside momentum in the short term.
USDCHF higher but key area is in play