EUR/USD started a fresh increase above 1.1700. USD/CHF declined from 0.8000 and is now struggling to stay above 0.7945.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro started a decent upward move from 1.1650 against the US Dollar.
- There was a break above a key bearish trend line with resistance at 1.1700 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF declined below the 0.7985 and 0.7965 support levels.
- There is a major bearish trend line forming with resistance near 0.7965 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from 1.1650. The Euro cleared 1.1685 to decrease bearish pressure and move into a bullish zone against the US Dollar.
There was a break above a key bearish trend line with resistance at 1.1700. The bulls pushed the pair above the 50-hour simple moving average and 1.1720. It opened the doors for a move above the 50% Fib retracement level of the downward move from the 1.1818 swing high to the 1.1645 low.
The pair is now struggling to gain pace for a move above 1.1750 and the 61.8% Fib retracement. The first key hurdle on the EUR/USD chart is near 1.1780. An upside break above 1.1780 might send the pair toward 1.1820. The next major area of interest for the bears might be 1.1850. Any more gains might open the doors for a move toward 1.1880.
Immediate support on the downside is near the 50-hour simple moving average and 1.1730. A close below 1.1730 could spark more bearish moves and send the pair toward 1.1685. The next major hurdle for the bears might be 1.1650. Any more losses might send the pair into a bearish zone toward 1.1550.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a fresh decline after it failed to stay above 0.8000. The US Dollar dropped below 0.7985 to move into a negative zone against the Swiss Franc.
There was a move below the 50% Fib retracement level of the upward move from the 0.7902 swing low to the 0.8014 high. The bears pushed the pair below the 50-hour simple moving average and 0.7965.
Finally, the pair tested the 61.8% Fib retracement at 0.7945. It is now consolidating losses and facing resistance near the 50-hour simple moving average and a major bearish trend line at 0.7965. A clear move above the trend line could send the pair to 0.7985.
The next major barrier for the bulls might be 0.8015, above which the pair could test the 0.8050 level. If there is a clear break above 0.8050, the pair could start another increase. In the stated case, it could even surpass 0.8100.
On the downside, immediate support on the USD/CHF chart is 0.7945. The first major area of interest could be 0.7925. Any more losses may possibly open the path for a move toward the 0.7900 level in the coming sessions.
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