EUR/USD declined heavily and broke the 1.1400 and 1.1350 supports. On the other hand, USD/CHF moved higher and is currently approaching an important resistance near 0.9980.

Important Takeaways for EUR/USD and USD/CHF

• The Euro tumbled and settled below the 1.1450 pivot level against the US Dollar.
• A crucial bearish trend line is in place with resistance at 1.1370 on the hourly chart of EUR/USD.
• USD/CHF settled above the 0.9940 resistance and the 50 hourly simple moving average.
• There is a significant resistance and a bearish trend line at 0.9980 on the hourly chart.

EUR/USD Technical Analysis

The Euro started a significant downtrend from well above the 1.1600 level against the US Dollar. The EUR/USD pair tumbled and broke many important supports like 1.1540, 1.1500, 1.1450 and 1.1400.

The pair settled below the 1.1450 pivot level and the 50 hourly simple moving average, opening the doors for more losses. An intermediate low was formed at 1.1370 from where the pair corrected higher.

However, the upside move was capped by the 1.1430-40 zone and a crucial bearish trend line with current resistance at 1.1370 on the hourly chart of EUR/USD. The pair failed and started a fresh downside move below 1.1400.

It declined and broke the last swing low at 1.1370. It even broke the 1.1350 level and recently traded to a new monthly low at 1.1319. It is currently consolidating losses with an initial resistance near the 23.6% Fib retracement level of the last slide from the 1.1429 high to 1.1319 low.

On the upside, there are many resistances near the 1.1360-70 zone. Moreover, the 50% Fib retracement level of the last slide from the 1.1429 high to 1.1319 low is placed near 1.1375 along with the 50 hourly SMA.

Therefore, if the pair corrects higher, it is likely to face sellers near the 1.1360, 1.1375 and 1.1380 resistance levels. Above this last, the pair could face a crucial barrier at 1.1400.

On the downside, the 1.1320 level is a short-term support, below which, the pair may perhaps trade below the 1.1300 level in the near term.

USD/CHF Technical Analysis

The US Dollar formed a decent support near the 0.9900 level against the Swiss franc. The USD/CHF pair started an upward move and traded above the 0.9920 and 0.9940 resistance levels.

The pair even settled above the 0.9950 level and the 50 hourly SMA. During the upside move, the pair broke the last swing high at 0.9944 and a connecting bearish trend line with resistance at 0.9942 on the hourly chart.

Buyers even pushed the pair above the 1.236 fib extension level of the last decline from the 0.9944 high to 0.9901 low. However, there is a crucial resistance waiting on the upside near the 0.9980 level.

A major bearish trend line and the 0.9971 swing high could prevent gains. Moreover, the 1.618 fib extension level of the last decline from the 0.9944 high to 0.9901 low is also near 0.9970.

Therefore, it won’t be easy for USD/CHF buyers to clear the 0.9970 and 0.9980 resistances. If they succeed, the pair will most likely attempt a break above the 1.0000 handle in the near term.

On the flip side, a downside correction could lead the pair towards the 0.9940 support zone, which was a resistance earlier and it might now act as a buy zone.

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