USDCHF London briefing — 2026-09-23

BIAS NEUTRAL. H4 fair-value gaps bullish clash with H1 bearish gaps and D1 bearish structure; EMA divergence (H4 bullish vs H1 neutral) blocks directional commitment. KEY LEVELS R: 0.825, 0.82759, 0.83 | S: 0.82, 0.815, 0.80619 NEWS 🟡 S&P Global Composite PMI (USD) 13:45 UTC 🔴 S&P Global Manufacturing PMI (USD) 13:45 UTC SESSION OUTLOOK London opens into dual PMI prints at 13:45 UTC—manufacturing is high-impact. Watch price reaction around 0.825 resistance; PMI beats could favour USD strength.

Key Levels

R: 0.82500 · 0.82759 · 0.83000

S: 0.82000 · 0.81500 · 0.80619