0.96129-39 is a support area
The USDCHF has moved steadily to downside in trading today and just tested support defined by the June swing lows. I have bracketed a support area between 0.96129-39. There have been a number of swing lows in that area going back to July 2016. The low today reached 0.96095 - a few pips below the low extreme. We currently trade at 0.9622. Shorts are still more in control below the 0.9639 level. That level is close risk for the shorts who see lower levels.
On a break below the 0.9612 level, there is another area where swing lows stalled falls in June 2016, August 201 and again in November 2016. That area comes between 0.9521-0.9547. That too should be a tough level to get below.
With Yellen coming up, it is not a surprise to see the profit taking stall in the move at the key support area (and in the other currency trends today as well). Technically,however, the levels are in place for traders. Get back above the 0.9639 level and the trend down starts to lose some of the momentum. We could/ should get a further rebound. If she is more dovish/less hawkish, a move below the 0.9609-12 and traders may look toward the lower swing lows from last years trading.