EUR/USD started a major decline and broke the key 1.1280 and 1.1220 support levels. Conversely, USD/CHF climbed higher and it seems like it could soon test 1.0000.

Important Takeaways for EUR/USD and USD/CHF

• The Euro failed to clear the 1.1310 resistance and declined heavily against the US Dollar.
• There is a major bearish trend line forming with resistance near 1.1225 on the hourly chart of EUR/USD.
• USD/CHF remains in a bullish zone and recently broke the 0.9900 resistance area.
• There is a connecting bullish trend line forming with support near 0.9930 on the hourly chart.

EUR/USD Technical Analysis

The Euro failed to stay above the 1.1350 level and later struggled to clear the 1.1310 resistance against the US Dollar. The EUR/USD pair started a major decline and broke the 1.1320 and 1.1280 support levels to enter a bearish zone.

During the decline, the pair even broke the 1.1250 pivot level. Finally, there was a close below the 1.1220 level and the 50 hourly simple moving average. The pair traded as low as 1.1193 on FXOpen and it is currently consolidating losses.

It recently broke a short term bearish trend line with resistance near 1.1205 on the hourly chart. An immediate resistance is near the 23.6% Fib retracement level of the last decline from the 1.1287 high to 1.1193 low.

The 50 hourly simple moving average is also near the 1.1212 level to act as a resistance. However, the main resistance is near the 1.1220 and 1.1225 levels. There is also a major bearish trend line forming with resistance near 1.1225 on the hourly chart of EUR/USD.

If there is a break above the 1.1225 resistance, the pair could test the 50% Fib retracement level of the last decline from the 1.1287 high to 1.1193 low.

To move into a positive zone, the pair must climb back above the 1.1250 and 1.1280 resistance levels in the near term. If not, there is a risk of more losses below 1.1200 in the near term.

USD/CHF Technical Analysis

The US Dollar remained in a strong uptrend and climbed above the key 0.9900 pivot level against the Swiss franc. The USD/CHF pair even broke the 0.9940 resistance level before sellers appeared near the 0.9950 resistance.

The pair traded as high as 0.9951 and settled above the 50 hourly simple moving average. At the outset, it is correcting gains below the 0.9940 level plus the 23.6% Fib retracement level of the upward move from the 0.9898 low to 0.9951 high.

On the downside, there is a connecting bullish trend line forming with support near 0.9930 on the hourly chart. If there is a downside break, the pair could test the 0.9920 or 0.9910 support.

Moreover, the 50% Fib retracement level of the upward move from the 0.9898 low to 0.9951 high is also waiting near 0.9918 to act as a support. Therefore, dips from the current levels remain supported above the 0.9900 level.

On the upside, an initial resistance is near the 0.9940 and 0.9950 levels. If USD/CHF continues to rise, it could even test the key 0.9980 and 1.0000 resistance levels in the near term.

Overall, pairs like EUR/USD and GBP/USD are currently struggling, and USD/CHF might continue to climb higher.

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