EUR/USD Correcting Lower While USD/CHF Climbs Steadily

FXOpen

EUR/USD failed to clear the 1.1800 resistance zone and started a downside correction. USD/CHF is correcting higher and showing positive signs above 0.9165.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro failed once again to clear the key 1.1800 resistance zone against the US Dollar.
  • There was a break below a major bullish trend line with support near 1.1740 on the hourly chart of EUR/USD.
  • USD/CHF traded as low as 0.9133 and recently started an upside correction.
  • There was a break above a key bearish trend line with resistance near 0.9175 on the hourly chart.

EUR/USD Technical Analysis

This week, the Euro made a few attempts to clear the 1.1800 resistance zone against the US Dollar. The EUR/USD pair failed to extend gains and started a fresh decline.

A high was formed near 1.1807 on FXOpen before the pair broke the 1.1780 support level. There was a clear break below the 1.1765 support level and the 50 hourly simple moving average to start the current decline.

EUR/USD Technical Analysis Euro Dollar

The pair even broke the 50% Fib retracement level of the upward move from the 1.1697 swing low to 1.1807 high. More importantly, there was a break below a major bullish trend line with support near 1.1740 on the hourly chart of EUR/USD.

The pair is now trading below the 1.1750 support level. An initial support is near the 1.1720 level or the 76.4% Fib retracement level of the upward move from the 1.1697 swing low to 1.1807 high.

The next major support is near the 1.1700 zone, below which the pair might accelerate lower towards the 1.1650 and 1.1620 levels. Conversely, the pair might start a fresh increase above the 1.1750 resistance.

The first major resistance is near the 1.1765 level and the 50 hourly simple moving average. A clear break above the 1.1765 level might lead the pair back towards the main 1.1800 resistance level in the coming sessions.

USD/CHF Technical Analysis

After a steady decline, the US Dollar found support near the 0.9130 area against the Swiss franc. The USD/CHF pair traded as low as 0.9133 and recently started a fresh upward move.

There was a break above the 0.9150 resistance level. The pair even broke the 23.6% Fib retracement level of the downward move from the 0.9296 high to 0.9133 low. Moreover, there was a break above a key bearish trend line with resistance near 0.9175 on the hourly chart.

USD/CHF Technical Analysis Dollar Swiss Francur

The pair is now trading nicely above the 0.9180 level and the 50 hourly simple moving average. The next resistance could be near the 0.9200 level.

The first major resistance is near the 0.9215 level since it is close to the 50% Fib retracement level of the downward move from the 0.9296 high to 0.9133 low. A clear break above the 0.9200 resistance and follow up move above 0.9215 might open the doors for more gains in the near term.

The next key resistance is near the 0.9255 level. If there is a downside correction, the pair might find support near the 0.9165 level or the 50 hourly simple moving average.

The next major support is near the 0.9150 level, below which there is a risk of a bearish wave towards the 0.9100 support level.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

An Important Bullish Pattern Forms on the NIO Share Price Chart
Shares

An Important Bullish Pattern Forms on the NIO Share Price Chart

Today, the share price of NIO Inc. (NIO), a Chinese manufacturer of "smart" electric vehicles, is trading above $4 – a development that may be viewed as an optimistic scenario following the drop to $3 in the first half of April,

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season
Indices

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season

Despite the fact that President Trump’s earlier decision to impose tariffs (at higher rates than expected) shook the stock markets, the S&P 500 index (US SPX 500 mini on FXOpen) could still end April without significant losses

USD/CAD Consolidates
Forex Analysis

USD/CAD Consolidates

In the second half of April, the USD/CAD chart has shown a decline in volatility following significant spikes observed since February.

The Canadian dollar has stabilised against the US dollar within the 1.390–1.380 range over the

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. 60% 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.