EUR/USD Could Extend Losses, USD/CHF Eyeing Upside Break

FXOpen

EUR/USD is recovering, but it is facing hurdles near 1.1840 and 1.1850. USD/CHF is approaching a crucial breakout and the pair might surge if it clears 0.9100.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro started an upside correction from the 1.1750 support level against the US Dollar.
  • There are two bearish trend lines forming with resistance near 1.1825 and 1.1850 on the hourly chart of EUR/USD.
  • USD/CHF is trading nicely above the main 0.9050 and 0.9080 support levels.
  • There is a key contracting triangle forming with resistance near 0.9100 on the hourly chart.

EUR/USD Technical Analysis

In the past few days, the Euro followed a larger decline from well above the 1.1900 level against the US Dollar. The EUR/USD pair broke the 1.1850 support zone to move into a bearish zone.

The pair even settled below the 1.1820 level and the 50 hourly simple moving average. It traded as low as 1.1754 and it is currently correcting higher. However, the pair seems to be facing hurdles near the 1.1840 and 1.1850 levels.

EUR/USD Technical Analysis Euro Dollar

A swing high is formed near 1.1849 on FXOpen and the pair is currently consolidating in a range. It tested the 50% Fib retracement level of the upward move from the 1.1754 low to 1.1849 high.

On the upside, there are two bearish trend lines forming with resistance near 1.1825 and 1.1850 on the hourly chart of EUR/USD. The second bearish trend line is important near the 1.1850 level. A successful close above the 1.1850 resistance is needed for a fresh increase.

The next major resistance on the upside could be 1.1920. Conversely, the pair may continue to move down below the 1.1800 level. An immediate support is near the 1.1790 level. It is close to the 61.8% Fib retracement level of the upward move from the 1.1754 low to 1.1849 high.

Any further losses may perhaps lead the pair towards the 1.1750 support level in the coming sessions.

USD/CHF Technical Analysis

The US Dollar started a short-term downside correction after it rallied towards the 0.9150 level against the Swiss franc. The USD/CHF pair corrected below the 0.9100 level, but the pair remained well bid above the 0.9080 support.

A low is formed near 0.9073 and the pair is currently rising. It is trading above the 0.9090 level and testing the 50% Fib retracement level of the recent decline from the 0.9126 high to 0.9073 low.

USD/CHF Technical Analysis Dollar Swiss Franc

It seems like there is a key contracting triangle forming with resistance near 0.9100 on the hourly chart. The triangle resistance is close to the 61.8% Fib retracement level of the recent decline from the 0.9126 high to 0.9073 low.

A successful close above the 0.9110 and 0.9120 levels, plus the 50 hourly simple moving average might start a steady increase. The next major resistance on the upside is seen near the 0.9150 and 0.9160 levels.

On the downside, the triangle support is near the 0.9080 level. If the USD/CHF pair fails to stay above the 0.9080 support level, it could decline steadily in the near term.

The next major support on the downside is near the 0.9060 level, below which the pair might continue to slide towards the 0.9020 and 0.9000 support levels.

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.