EUR/USD Could Climb Higher While USD/CHF Might Decline

FXOpen

EUR/USD is showing positive signs above the 1.1080 level and it could rise steadily. USD/CHF is currently correcting lower and it might start a major downside correction.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro is currently trading nicely above the 1.1065 and 1.1090 support levels against the US Dollar.
  • There is a key bearish trend line forming with resistance near 1.1120 on the hourly chart of EUR/USD.
  • USD/CHF started a downside correction after setting a new weekly high near the 0.9968 level.
  • There was a break below a major bullish trend line with support near 0.9945 on the hourly chart.

EUR/USD Technical Analysis

After a fresh decline, the Euro found support just above the 1.1070 level against the US Dollar. The EUR/USD pair formed a support base near 1.1075 and recently started a decent upward move.

A swing low was formed near 1.1073 on FXOpen and the pair corrected above the 50 hourly simple moving average. Moreover, there was a break above the 1.1080 and 1.1100 resistance levels.

EUR/USD Technical Analysis Euro US Dollar

The pair traded as high as 1.1118 and the pair is currently consolidating gains. An immediate support is near the 1.1105 level, plus the 23.6% Fib retracement level of the recent wave from the 1.1073 low to 1.1118 high.

On the downside, there is a strong support forming near the 1.1090 level. Moreover, the 50% Fib retracement level of the recent wave from the 1.1073 low to 1.1118 high is likely to provide support.

If there is a downside break below the 1.1090 level, the pair could decline back towards the 1.1075 support area. Any further losses could lead EUR/USD towards the 1.1050 level.

On the upside, there is a strong resistance forming near the 1.1120 level. In addition, there is a key bearish trend line forming with resistance near 1.1120 on the hourly chart of EUR/USD.

Therefore, an upside break above the 1.1120 level is needed for more gains in the near term. The next key resistances are near the 1.1145 and 1.1160 levels.

USD/CHF Technical Analysis

The US Dollar followed a strong uptrend this month and settled above the 0.9900 level against the Swiss franc. The USD/CHF pair even climbed towards the 1.0000 resistance recently and traded as high as 0.9968.

At the moment, the pair is correcting lower and is trading below the 0.9950 level. There was a break below a major bullish trend line with support near 0.9945 on the hourly chart.

USDCHF Analysis

The pair even traded below the 50% Fib retracement level of the upward move from the 0.9907 low to 0.9968 high. Moreover, there was a close below 0.9945 and the 50 hourly simple moving average.

On the downside, there is a breakdown support near the 0.9930 level. It also coincides with the 61.8% Fib retracement level of the upward move from the 0.9907 low to 0.9968 high.

Therefore, a clear break below the 0.9930 support area might set the pace for more downsides. The next key supports are near the 0.9910 and 0.9900 levels.

On the upside, the previous support near 0.9950 and the 50 hourly simple moving average might act as a hurdle. A clear break above 0.9950 could push USD/CHF towards 0.9975 or even 0.9990 in the near term.

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

Indices

Although UK-100 Index Is Near All-time Highs, UK Economy Slips into Recession

Technically, a national economic recession is defined as two consecutive quarters of contraction, and yesterday's Office for National Statistics data confirmed that this has happened — UK GDP fell in the third and fourth quarters of 2023 by 0.1% and

Cryptocurrencies

DOGE Price Increases by 170% in Less Than 2 Months

On February 1, 2024, the DOGE/USD rate was = 0.0783. On the last Friday of March, it rose to 0.2150. The rising price means Dogecoin is now the eighth-largest cryptocurrency in the world by market capitalization, overtaking Cardano

Commodities

Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum

Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase

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.