Well, Mewtwo has higher CP, but its quick attack is psychic, which the common mons aren't weak to. Machamp has lower CP, but double fight moves and STAB.
Base damage:
Mewtwo: 140 * 1.4 = 196
Machamp: 90 (2x) * 1.25 * 1.4 = 315
The base damage is high enough to possibly overcome the CP difference, but this overestimates for Machamp because of the extra time to make the two charged attacks, and doesn't factor energy (or damage energy) into the mix.
This is a question poke battler can answer for you. Plug both in, and see which takes down Blissey, Snorlax, etc., the fastest and with the least damage.