EUR/USD is attempting a recovery wave from the 1.1500 zone. USD/CHF climbed higher above 0.8050 and might correct some gains.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro declined toward 1.1500 before it started a recovery wave against the US Dollar.
- There was a break above a major bearish trend line with resistance at 1.1530 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF climbed higher above 0.8050 and 0.8080 before it faced hurdles.
- There was a break below a bullish trend line with support at 0.8085 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair extended the decline below 1.1550. The Euro even declined below 1.1520 before the bulls appeared against the US Dollar.
The pair tested 1.1490 and recently started a recovery wave. There was a move above 1.1520 and 1.1550. The pair climbed above the 50% Fib retracement level of the downward move from the 1.1653 swing high to the 1.1491 low.
More importantly, there was a break above a major bearish trend line with resistance at 1.1530. The pair is now trading above 1.1575 and the 50-hour simple moving average. Immediate hurdle on the EUR/USD chart is near the 61.8% Fib retracement at 1.1590.
The first key breakout zone sits at 1.1615. An upside break above 1.1615 might send the pair toward 1.1655. Any more gains might open the doors for a move toward the 1.1700 zone. If there is a fresh decline, the pair might find bids near 1.1550.
The next major support is 1.1540. A downside break below 1.1540 could send the pair toward 1.1510. Any more losses might send the pair to 1.1490.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from 0.7940. The US Dollar climbed above the 0.8000 handle against the Swiss Franc.
The bulls were able to pump the pair above the 50-hour simple moving average and 0.8050. Finally, the pair tested 0.8100. A high was formed near 0.8101 and the pair is now consolidating gains. The pair dipped below the 23.6% Fib retracement level of the upward move from the 0.7937 swing low to the 0.8101 high.
Besides, there was a break below a bullish trend line at 0.8085. On the downside, immediate support on the USD/CHF chart is near 0.8040. The first key area of interest might be near the 50% Fib retracement at 0.8020.
A downside break below 0.8020 might call for a drop to 0.7975. Any more losses may possibly open the doors for a move toward 0.7940.
On the upside, the pair could struggle near 0.8080. The first major barrier for bulls is 0.8100. If there is a clear break above 0.8100 and the RSI climbs above 50, the pair could start another increase. In the stated case, it could test 0.8150.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
