The USDCHF moved higher last week, testing a topside trendline connecting the series of lower highs dating back to July 1 on the hourly chart (see red numbered circles on the chart below). The pair stalled against that trendline on both Thursday and Friday, leaving traders with a key question heading into the new week: Would buyers finally force a breakout, or would sellers regain control?
The answer initially came during the Asian session, when the pair gapped lower and fell back below the 0.8170 level. As highlighted in last week’s videos, the 0.8170–0.8214 zone represents an important resistance area from the 2025 daily chart (see the daily chart below – top yellow area). Selers moving below that level tilted the bias lower.
The decline extended toward the rising 100-hour moving average (currently at 0.81477) and the June high at 0.8139, both of which were viewed as key support (back to the hourly chart – blue line). Sellers made two attempts to break below the 100-hour moving average, but each failed. More importantly, the June high held as support, giving buyers the confidence to step back in. Over the past few hours, the pair has rotated sharply higher, reclaiming the 0.8170 level, which marks the lower boundary of the key daily swing area.
The focus now shifts back to last week’s highs and the descending trendline, currently near 0.8187. A sustained break above that resistance would increase the bullish bias and put the next major upside target at 0.8214, the upper end of the longer-term resistance zone from the daily chart.
The SNB is now saying in a report from Bloomberg that they expect to keep interest rates at 0% until the end of 2027. The SNB declines to comment on the media report .
This article was written by Greg Michalowski at investinglive.com.
