Key Highlights
- USD/CHF declined heavily below the 0.8380 and 0.8250 levels.
- A major bearish trend line is forming with resistance at 0.8150 on the 4-hour chart.
- EUR/USD rallied above the 1.0450 and 1.0500 resistance levels.
- Gold prices traded to a new record high and surpassed the $3,420 level.
USD/CHF Technical Analysis
The US Dollar faced heavy selling pressure against its peers like Swiss Franc. USD/CHF declined below the 0.8250 and 0.8200 support levels.
Looking at the 4-hour chart, the pair settled below the 0.8200 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bears even pushed the pair below the 0.8050 level.
On the downside, immediate support sits near the 0.8000 level. The next key support sits near the 0.7965 level. Any more losses could send the pair toward the 0.7880 level, where the bulls might take a stand.
If there is a recovery wave, the pair could face resistance near the 0.8080 level. The next major resistance is near the 0.8120 level. The main resistance is now forming near the 0.8150 zone.
There is also a major bearish trend line forming with resistance at 0.8150 on the same chart. A close above the 0.8150 level could set the tone for another increase. In the stated case, the pair could even clear the 0.8200 resistance.
Looking at EUR/USD, the bulls remained in action and were able to push the pair to a new multi-month high above the 1.1500 resistance.
Upcoming Economic Events:
- Richmond Fed Manufacturing Index for April 2025 – Forecast -6 versus -4 previous
- Fed’s Harker speech.
- Fed’s Kashkari speech.
