USDCHF is banging against key resistance on the weekly chart and hourly chart too

<p>The USDCHF hit a new low in the European session, marginally breaching the low price from July 18, but quickly bounced back. The rebound was fueled by robust U.S. data released this morning, indicating a stronger GDP, job market, and consumer/business market, with durable goods also trending higher.</p><p>From a technical perspective, the surge propelled the price back above its 200-hour moving average of 0.86248, and subsequently above its 100-hour moving average at 0.86469. The day's peak so far has been 0.8694, barely shy of the highs from Monday and Tuesday around 0.8699.</p><p>Adding to this zone's significance, it is in close proximity to the 2014 low of 0.8696. Thus, the 0.8700 level in USDCHF has become a critical point of resistance, relevant not only in the short-term hourly chart context, but also from a historical perspective dating back to 2014.</p><p>This level will serve as a key determinant for market sentiment— a breakthrough above 0.8700 could signal a bullish market, while failure to surpass it might imply continued bearish control.</p>

This article was written by Greg Michalowski at www.forexlive.com.