This week, the USDCHF moved over a swing range between 0.86078 and 0.8619, and subsequently the 38.2% retracement of the decline from the high point in July to the low point in September, which is at 0.86318.
The market recovered from yesterday’s corrective move, which temporarily brought the price below the 38.2% retracement by a few pips. Since then, the price has returned to the peak, which was reached yesterday at a trade of 0.8669.
The bias is still more to the upward if the price can hold above the 38.2% retracement at 0.86318. The 50% midpoint of the decline from the July high, at 0.87116, and its 100-day moving average, at 0.8704, represent the next important target areas. If the price can hold above the 38.2% retracement level, that area is the next upside target but should offer some strong resistance on a test.
On the other hand, buyers will likely flip to sellers if the 38.2% retracement is broken and the rise above the crucial retracement level fails.

In response to the ECB rate drop yesterday, the EURCHF pair saw a downward movement. With that move, the price reached both 61.8% of the range since August and a significant upward-sloping trendline. The range of those levels is 0.9351–0.9353. The price left that level with a bounce. In opposition to the main technical aim, sellers turned to purchasers.
The price has retreated in today’s trading toward a group of technical levels, which include the 200-bar moving average at 0.9401, the 50% midpoint of the same range at 0.93949, and the 4-hour chart’s 100-bar moving average at 0.9398. The price would tilt more in favor of buyers if it could rise above those moving averages and remain above them.

Conclusion
The recent movement of USDCHF, breaking above the 38.2% retracement level of 0.86318, signals a potential upward bias as the pair aims for key resistance levels like the 50% retracement and 100-day moving average. Holding above the 38.2% level is crucial for continuing this bullish momentum, with the next target around 0.87116 likely facing strong resistance.
However, if the price drops back below the 38.2% retracement, it could indicate a reversal, prompting sellers to take over. Similarly, in the EURCHF pair, buyers have stepped in after a bounce from key technical levels, hinting at further upside if moving averages are surpassed. Both pairs show technical volatility, with retracement levels playing a critical role in guiding future price action.