The USDCHF is trading higher on the day, but the back-and-forth price action has ensured that sellers remain in the picture. The initial push to the upside saw the pair break above both the 100-hour and 200-hour moving averages, which are closely converged near 0.7967. That break gave buyers some momentum, allowing the price to extend toward a high of 0.7994. Importantly, that level sits right at the top of a key swing area between 0.7986 and 0.7994, and just shy of several technical hurdles: the 50% midpoint retracement of the decline from the August 1 high, and last Thursday’s peak at 0.79992—essentially the psychological 0.8000 mark.
As often happens when price approaches such a confluence of resistance, sellers leaned against the barrier, keeping control in play and preventing a sustained breakout. Following the rejection, the pair rotated back lower, gravitating toward the 100- and 200-hour moving averages at 0.7967. This zone now serves as the critical near-term barometer for market bias.
For traders, the levels are straightforward: holding above 0.7967 would reassert buyer control and open the door for another test of the 0.8000 zone, where resistance is clustered. On the other hand, a move back below the converged moving averages would tilt the bias back to the downside. In that case, the next key supports come in first at 0.79588, and then at a swing area between 0.7938 and 0.7947.
