Higher highs into 0.8207, first meaningful pullback.
Multi-month uptrend off the late-April 0.7762 low, with eight straight up-sessions carrying price to 13-month highs near 0.8207 on the SNB-on-hold funding theme. The last two sessions saw a sharp ~150-pip drop from 0.8207 back toward 0.8070 — an intervention-speculation pullback that has pulled price under EMA20 while EMA50 (~0.8027) still rises beneath. RSI has cooled to the mid-50s without confirming a top.
Support: 0.8027, 0.8000
Resistance: 0.8207, 0.8200
What it said to watch
Swiss CPI Aug 3 06:30 GMT is the key SNB-hold validator and could reset this read
Loss of the 0.8027 50-day sma and 0.8000 round number would break the higher-low chain
Recovery back above EMA20 near 0.8130 would re-engage the uptrend
USDCHF ran eight-plus sessions higher into 13-month highs near 0.8205 on the SNB-on-hold-to-2027 theme, then twin peaks at 0.8205 rejected and the pair dumped ~150 pips in two days to 0.8039 before today's bounce back to 0.807. The multi-week uptrend from the April 0.776 base is still intact with price above a rising EMA(50), but the failure at the double top and slide back under EMA(20) marks the first real crack in momentum. Buyers reclaimed the 0.804 swing low late in the session, keeping the broader structure above the 0.8000 psych level.
Support: 0.8039, 0.8000
Resistance: 0.8130, 0.8205
What it said to watch
Swiss CPI Mon 06:30 GMT (MoM f/c -0.1%) is the SNB-hold validator and the key near-term driver
Daily close below 0.8039 swing low confirms a lower-low and deeper break toward 0.8000 psych
Reclaim of 0.8130 prior high needed to re-engage the 0.8205 double top