On my 1190 volvo 240 DL dash right above the round **** for my lights to be turned on or off there is a switch that turns orange when pressed. I am not sure what it does and I can't really describe the pic. on it. Does anyone know what it does?

 

That should be the rear foglight switch.

 

That is correct. There should be two settings if your car has front fog lights. The first one is for the front and the second one is for rear & front simultaneously.