- USD/CHF rallied above 0.9900 before it faced sellers near 1.0050.
- It broke a key bullish trend line with support near 0.9970 on the 4-hours chart.
- EUR/USD faced sellers near 1.0550, and GBP/USD failed to clear 1.2500.
- Gold price is now consolidating losses near the $1,815 level.
USD/CHF Technical Analysis
The US Dollar started a major increase from the 0.9300 zone against the Swiss Franc. USD/CHF climbed above many hurdles and even surpassed the 0.9800 resistance.
Looking at the 4-hours chart, the pair gained pace for a move above the 0.9900 level. It even settled above the 0.9800 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
Finally, there was a move above the 1.0000 level. A high was formed near 1.0064 before the pair started a downside correction.
There was a move below the 0.9950 support zone. The pair traded below the 50% Fib retracement level of the upward move from the 0.9709 swing low to 1.0064 high. There was also a break below a key bullish trend line with support near 0.9970 on the same chart.
It is now approaching the 0.9845 support zone and the 100 simple moving average (red, 4-hours). It is near the 61.8% Fib retracement level of the upward move from the 0.9709 swing low to 1.0064 high. If there is a downside break below the 0.9845 level and, there could be more downsides.
The next key support is near 0.9700. If there is another increase, the pair might face resistance near the 0.9950 level. The next major resistance is near the 0.9980 level. A clear move above the 0.9980 level might push the pair towards the key 1.0050 resistance zone.
Looking at EUR/USD, the pair started an upside correction above the 1.0500 level, but it failed to clear the 1.0550 level. Similarly, GBP/USD struggled to clear 1.2500.
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