Key Highlights
- USD/CHF started a fresh decline below the 0.8300 support.
- A major bearish trend line is forming with resistance at 0.8250 on the 4-hour chart.
- EUR/USD gained pace for a move above the 1.1380 level.
- GBP/USD rallied and cleared the 1.3550 resistance zone.
USD/CHF Technical Analysis
The US Dollar failed to surpass 0.8480 against the Swiss France. USD/CHF formed a local top and started a fresh decline below 0.8350.
Looking at the 4-hour chart, the pair settled below the 0.8300 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair even declined below the 0.8260 level and tested the 0.8200 zone.
The pair is now consolidating losses and struggling to stay above the 0.8200 zone. On the upside, the pair could face resistance near the 0.8220 level.
The next key resistance sits near the 0.8250 level. There is also a major bearish trend line forming with resistance at 0.8250 on the same chart. The first major resistance sits at 0.8265. A close above the 0.8265 level could set the pace for another increase.
In the stated case, the pair could even clear the 0.8300 resistance. The next major stop for the bulls could be near the 0.8350 resistance.
On the downside, immediate support sits near the 0.8180 level. The next key support sits near 0.8160. Any more losses could send the pair toward the 0.8120 pivot level in the near term. The main support could be near 0.8000.
Looking at GBP/USD, the pair started a major increase above the 1.3550 resistance zone and might continue to move up.
Upcoming Economic Events:
- US Durable Goods Orders for April 2025 – Forecast -8.0% versus +9.2% previous.
- US Housing Price Index for March 2025 (MoM) – Forecast +0.2%, versus +0.1% previous.
