Key Highlights
- USD/CHF corrected some gains and tested the 0.9050 support.
- A key declining channel is forming with resistance at 0.9120 on the 4-hour chart.
- EUR/USD is consolidating below the 1.0450 resistance.
- Gold extended gains and might climb further toward the $2,750 level.
USD/CHF Technical Analysis
The US Dollar climbed steadily above the 0.8950 and 0.9000 levels against the Swiss Franc. USD/CHF even tested 0.9200 before there was a pullback.
Looking at the 4-hour chart, the pair traded as low as 0.9050 and is currently preparing for the next move. It is still well above the 200 simple moving average (green, 4-hour). If the bulls take over, they could face resistance near the 0.9120 level.
There is also a key declining channel forming with resistance at 0.9120 on the same chart. The next major resistance is near the 0.9140 level.
A close above the 0.9140 level could set the tone for another increase. In the stated case, the pair could rise toward the 0.9200 resistance. The main hurdle could be 0.9240.
On the downside, immediate support sits near the 0.9050 level. The next key support sits near the 0.9020 level. Any more losses could send the pair toward the 0.9000 level and the 200 simple moving average (green, 4-hour).
Looking at EUR/USD, the pair started a short-term recovery wave, but the bears are active below the 1.0450 resistance zone.
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