USDCHF rejected break higher at 0.8848 – Back down testing key support at 0.8810 to 0.8816

The USDCHF continues to trade with a bearish bias, failing to sustain upside moves above resistance targets.

Yesterday, the price briefly moved above last Thursday and Friday highs near 0.8842 but failed to hold the breakout. Today’s attempt to extend gains above yesterday’s high at 0.8841 also failed, with price reaching 0.8848 before reversing lower again—underscoring a firm rejection of higher levels and reinforcing short-term selling pressure.

Currently, the pair is testing a key support confluence between 0.8810 and 0.8816, which includes both the 100- and 200-hour moving averages, as well as the 200-day moving average. This area remains critical for near-term direction. A break below this zone would likely open the door toward the next support targets near 0.8787 (50% of the move up from the September low) Move below increases the bearish bias and will have traders looking toward the low from last week at 0.8758.

On the upside, get above the 0.8816 resistance and there is likely some disappointment.