- USD/CHF started a fresh decline from well above 0.9300.
- A key bearish trend line is forming with resistance near 0.9280 on the 4-hours chart.
- EUR/USD could gain pace if there is a close above 1.1650.
- GBP/USD is showing positive signs above 1.3750 and 1.3780.
USD/CHF Technical Analysis
The US Dollar started a major decline from well above 0.9300 against the Swiss France. USD/CHF declined below 0.9250 to move into a bearish zone.
Looking at the 4-hours chart, the pair even traded below 0.9220, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
It even tested 0.9185 and is currently consolidating losses. An immediate support is near the 0.9180 zone. The next major support is near 0.9165, below which there is a risk of a larger decline. In the stated case, the pair could test 0.9120.
On the upside, the pair is facing resistance near 0.9250. There is also a key bearish trend line forming with resistance near 0.9280 on the same chart.
A close above 0.9280 could open the doors for a larger increase. The next key resistance is near the 0.9300 level. The next key resistance sits near the 0.9350 level.
Looking at EUR/USD, the pair is eyeing a decent recovery, but the bears are likely to remain active near the 1.1650 and 1.1660 levels.
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