EUR/USD declined recently and broke the 1.1500 support area. USD/CHF seems to be forming a major top near the 0.9980 resistance area.

Important Takeaways for EUR/USD and USD/CHF

• The Euro declined sharply and traded towards the 1.1440 support area against the US Dollar.
• There is a major bearish trend line in place with resistance at 1.1515 on the hourly chart of EUR/USD.
• USD/CHF struggled to break the 0.9980 resistance area and declined recently.
• There is a breakout pattern forming with support near 0.9942 on the hourly chart.

EUR/USD Technical Analysis

The Euro started a major downside move from the 1.1580 and 1.1550 resistance levels against the US Dollar. The EUR/USD pair declined sharply and settled below the 1.1500 support area.

The decline was such that the pair traded below the 1.1460 level and the 50 hourly simple moving average. A low was formed near the 1.1440 level and later the pair started a short term recovery.

The pair moved above the 23.6% Fib retracement level of the last decline from the 1.1550 high to 1.1439 low. However, the pair is currently struggling to move above the 1.1480 resistance and the 50 hourly SMA.

Above 1.1480, the next resistance is near 1.1500 and the 50% Fib retracement level of the last decline from the 1.1550 high to 1.1439 low. Moreover, there is a major bearish trend line in place with resistance at 1.1515 on the hourly chart of EUR/USD.

Therefore, if the pair continues to move higher, it is likely to find a strong resistance near the 1.1500 and 1.1515 levels. On the downside, the 1.1440 level is a decent support. If there a break below 1.1440, EUR/USD could decline further towards the 1.1400 area in the near term.

Overall, sellers are likely to take a stand near 1.1500 if the price manages to rise above 1.1480.

USD/CHF Technical Analysis

The US Dollar followed a bullish path from the 0.9860 support area against the Swiss franc. The USD/CHF pair surged above the 0.9900 and 0.9940 resistance levels to move into a positive zone.

However, the pair faced a strong resistance near the 0.9980 zone. There were many attempts to break the 0.9980 resistance, but buyers failed to gain momentum. The pair moved down and broke the 0.9960 support and the 50 hourly simple moving average.

The decline was such that the pair tested the 0.9940 support and the 50% Fib retracement level of the last wave from the 0.9902 low to 0.9980 high.

At the outset, it seems like there is a breakout pattern forming with support near 0.9942 on the hourly chart. If there is a break above 0.9955, the pair could retest the 0.9980 resistance. Finally, the most important resistance is near the 1.0000 level.

On the downside, the main support is at 0.9940-42, below which the pair could move into a bearish zone. The next immediate support is the 76.4% Fib retracement level of the last wave from the 0.9902 low to 0.9980 high at 0.9920.

If the pair continues to move down, the next stop for buyers will most likely be near the 0.9900 support. Overall, the USD/CHF pair is currently preparing for the next break either above the 0.9955 resistance or below the 0.9940 support.

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