Forex Trading News: USDCHF Bounces off Big Resistance Level

As noted in previous day's blogs, the USDCHF had some strong momentum once the 38.2% Fibonacci level was breached. From there, the pair had to get through the key psychological 1.1000 level which it did. Now, we see strong resistance at 1.1040 (which was tested during the NY session) as the USDCHF could not break and run through. This level provided great resistance back in mid February and will be the pair's next upside obstacle.