EUR/USD and USD/CHF Facing Important Resistances

FXOpen

EUR/USD declined recently and broke the 1.1500 support area. USD/CHF seems to be forming a major top near the 0.9980 resistance area.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro declined sharply and traded towards the 1.1440 support area against the US Dollar.
  • There is a major bearish trend line in place with resistance at 1.1515 on the hourly chart of EUR/USD.
  • USD/CHF struggled to break the 0.9980 resistance area and declined recently.
  • There is a breakout pattern forming with support near 0.9942 on the hourly chart.

EUR/USD Technical Analysis

The Euro started a major downside move from the 1.1580 and 1.1550 resistance levels against the US Dollar. The EUR/USD pair declined sharply and settled below the 1.1500 support area.

The decline was such that the pair traded below the 1.1460 level and the 50 hourly simple moving average. A low was formed near the 1.1440 level and later the pair started a short term recovery.

EUR/USD Technical Analysis Chart

The pair moved above the 23.6% Fib retracement level of the last decline from the 1.1550 high to 1.1439 low. However, the pair is currently struggling to move above the 1.1480 resistance and the 50 hourly SMA.

Above 1.1480, the next resistance is near 1.1500 and the 50% Fib retracement level of the last decline from the 1.1550 high to 1.1439 low. Moreover, there is a major bearish trend line in place with resistance at 1.1515 on the hourly chart of EUR/USD.

Therefore, if the pair continues to move higher, it is likely to find a strong resistance near the 1.1500 and 1.1515 levels. On the downside, the 1.1440 level is a decent support. If there a break below 1.1440, EUR/USD could decline further towards the 1.1400 area in the near term.

Overall, sellers are likely to take a stand near 1.1500 if the price manages to rise above 1.1480.

USD/CHF Technical Analysis

The US Dollar followed a bullish path from the 0.9860 support area against the Swiss franc. The USD/CHF pair surged above the 0.9900 and 0.9940 resistance levels to move into a positive zone.

However, the pair faced a strong resistance near the 0.9980 zone. There were many attempts to break the 0.9980 resistance, but buyers failed to gain momentum. The pair moved down and broke the 0.9960 support and the 50 hourly simple moving average.

USD/CHF Technical Analysis Chart

The decline was such that the pair tested the 0.9940 support and the 50% Fib retracement level of the last wave from the 0.9902 low to 0.9980 high.

At the outset, it seems like there is a breakout pattern forming with support near 0.9942 on the hourly chart. If there is a break above 0.9955, the pair could retest the 0.9980 resistance. Finally, the most important resistance is near the 1.0000 level.

On the downside, the main support is at 0.9940-42, below which the pair could move into a bearish zone. The next immediate support is the 76.4% Fib retracement level of the last wave from the 0.9902 low to 0.9980 high at 0.9920.

If the pair continues to move down, the next stop for buyers will most likely be near the 0.9900 support. Overall, the USD/CHF pair is currently preparing for the next break either above the 0.9955 resistance or below the 0.9940 support.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • NIKKEI-225 Analysis Indicates Possibility

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.