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On the hourly chart of EUR/USD at FXOpen, the pair started a strong rally from the 1.0900 zone. The Euro climbed above the 1.1020 resistance to move into a bullish zone against the US Dollar.

There was a break above the 50-hour simple moving average and 1.1150. It is now facing resistance near the 1.1240 and 1.1250 levels. A clear move above the 1.1250 level might send the pair toward the 1.1280 resistance.

The next major resistance is near the 1.1320 zone. Any more gains might send the pair toward the 1.1350 resistance.

Conversely, the pair might start a downside correction and retest the 50-hour simple moving average at 1.1150. The next major support is near 1.1120, below which EUR/USD could test the 1.1020 support. Any more losses could send the pair to 1.0975.

USDCHF sank to its lowest level since January 2015 when the Swiss National Bank shocked markets by scrapping its three-year-old cap on the Swiss franc.

The pair is currently consolidating its 4.0% weekly freefall near the lower boundary of the broad bearish channel slightly below 0.8600. This is where the price drifted higher in January 2015. Therefore, with the RSI and the Stochastics having dived significantly within the oversold zone, an upside reversal could be possible in the coming sessions. Also, the Bollinger bands are far apart from each other, suggesting that the latest bearish wave could soon take a breather.

If the downtrend worsens below the channel, immediate support could commence near the 2015 and 2011 constraining zone of 0.8530. A step lower from there could initiate a new aggressive decline likely towards the 0.8360 handle, while falling even deeper, the price may retest the 0.8275-0.8200 territory, where the pair paused its downtrend in 2015 and faced limitations in 2011.

Alternatively, a bounce up could fizzle out somewhere between the 0.8700 psychological mark and the 2021 low of 0.8755. Should buyers cross above the previous support area of 0.8855, the price may revisit the 0.8930-0.8980 congested territory.

Summing up, USDCHF seems to be testing a make-or-break point around a new eight-year low of 0.8600 following a weekly aggressive sell-off. If the price fails to pivot, the spotlight will fall on 0.8530.

AUD/USD is showing positive signs and might climb further higher above 0.6900. NZD/USD is also rising and aiming for a move above the 0.6410 resistance zone.

Important Takeaways for AUD USD and NZD USD Analysis Today

• The Aussie Dollar started a fresh increase above the 0.6790 and 0.6845 levels against the US Dollar.
• There is a connecting bullish trend line forming with support near 0.6790 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD is gaining bullish momentum above the 0.6355 support.
•  There is a key bullish trend line forming with support near 0.6395 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6630 support. The Aussie Dollar was able to clear the 0.6790 resistance to move into a positive zone against the US Dollar.

There was a close above the 0.6845 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6900 zone. A high is formed near 0.6894 and the pair is now consolidating gains. The AUD/USD chart indicates that the pair is now facing resistance near 0.6900.

The first major resistance might be 0.6920. An upside break above the 0.6920 resistance might send the pair further higher. The next major resistance is near the 0.6945 level. Any more gains could clear the path for a move toward the 0.7000 resistance zone.

On the downside, initial support is near the 23.6% Fib retracement level of the upward move from the 0.6682 swing low to the 0.6894 high at 0.6845.

The next support could be a connecting bullish trend line at 0.6790 and the 50-hour simple moving average. It is close to the 50% Fib retracement level of the upward move from the 0.6682 swing low to the 0.6894 high.

If there is a downside break below the 0.6790 support, the pair could extend its decline toward the 0.6730 level. Any more losses might signal a move toward 0.6630.

NZD/USD Technical Analysis

On the hourly chart of AUD/USD on FXOpen, the pair started a steady increase from the 0.6180 level. The New Zealand Dollar broke the 0.6235 resistance to start the recent increase against the US Dollar.

The pair settled above 0.6320 and the 50-hour simple moving average. It tested the 0.6410 zone and is currently consolidating gains above the 23.6% Fib retracement level of the upward wave from the 0.6182 swing low to the 0.6411 high.

The NZD/USD chart suggests that the RSI is correcting lower and the pair might correct lower. On the downside, there is major support forming near a bullish trend line at 0.6395.

The next major support is near 0.6355, below which the pair might test the 50-hour simple moving average at 0.6320. If there is a downside break below the 0.6320 support, the pair might slide toward the 0.6235 support. It is close to the 76.4% Fib retracement level of the upward wave from the 0.6182 swing low to the 0.6411 high.

On the upside, the pair might struggle near 0.6420. The next major resistance is near the 0.6450 level. A clear move above the 0.6450 level might even push the pair toward the 0.6500 level. Any more gains might clear the path for a move toward the 0.6550 resistance zone in the coming days

On Friday morning the price of silver was USD 24.8. The sharp rise was triggered by the weakening of the dollar on Wednesday, which was influenced by inflation data in the US.

When looking for reasons why silver is stronger than other commodity markets (for example, gold has risen in price by no more than 1.5% over the same period), you may not find satisfying explanations, but pay attention to information on twitter by Robert Kiyosaki (author of the books in the Rich Dad series). In his opinion, on August 22 in South Africa, at the BRICS forum, the creation of a currency backed by gold will be announced. Therefore, Robert predicts problems for the US dollar and suggests considering buying gold, silver, and bitcoin.

In the meantime, the XAG/USD chart shows that the price of silver has approached the upper boundary of the long-term descending channel (shown in red). If the bulls try to reach the upper border of the channel, then perhaps before that we will see a test of the level of 24.5, which previously served as both support and resistance.

The USD is trading sharply lower this week after US CPI data comes out at 3.0%, so speculators sold USD as they believe that FED is closer to end its hawkish policy. We see stocks in an uptrend with crude oil, while finally, metals are also showing some signs of life after US yields come down and the Chinese yuan recovers. Looking at the DXY, it's a very nice ongoing weakness that can resume even lower, but maybe next week as price can see some back-and-forth moves here around 100 levle. First resistance for wave four is at 100/100.20, then 100.60. When this downtrend is ready to resume,t hats when other assets will see more gains.

Daily Pivots: (S1) 0.8529; (P) 0.8552; (R1) 0.8569; More...

No change in EUR/GBP's outlook and intraday bias stays neutral. Near term outlook will stay bearish as long as 0.8657 resistance holds. Break of 0.8502 will resume larger decline from 0.8977 to 61.8% projection of 0.8874 to 0.8517 from 0.8650 at 0.8436. However, firm break of 0.8583 will bring stronger rebound back to 0.8657 resistance.

In the bigger picture, the down trend from 0.9267 (2022 high) is still in progress. It's seen as part of the long term range pattern from 0.9499 (2020 high). Deeper fall could be seen towards 0.8201 (2022 low). But strong support should be seen from there to bring reversal. This will now remain the favored case as long as 0.8657 resistance holds.

Daily Pivots: (S1) 1.6216; (P) 1.6315; (R1) 1.6396; More...

Intraday bias in EUR/AUD stays neutral for the moment as range trading continues. With 1.6247 support intact, further rally is expected. As noted before, correction from 1.6785 should have completed with three waves down to 1.5846. Above 1.6552 will target a retest on 1.6785 high next. Nevertheless, on the downside, firm break of 1.6247 will dampen this view and turn bias to the downside for 1.5846 support.

In the bigger picture, with 38.2% retracement of 1.4281 to 1.6785 at 1.5828 intact, rally from 1.4281 is still in progress. Firm break of 1.6785 will confirm rise resumption. Next target is 100% projection of 1.5254 to 1.6785 from 1.5846 at 1.7377. On the other hand, rejection by 1.6785 will extend the corrective pattern with another fall leg. But outlook will stay bullish as long as 1.5828 holds.

Daily Pivots: (S1) 180.07; (P) 180.77; (R1) 182.04; More...

Intraday bias in GBP/JPY remains neutral at this point. Further fall remains in favor, and break of 179.45 will target 55 D EMA (now at 176.65). On the upside, above 182.00 minor resistance will turn bias to the upside for retesting 183.99 high instead.

In the bigger picture, as long as 172.11 resistance turned support holds, uptrend from 123.94 (2020 low) is expected to continue. On resumption, next target is 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

Daily Pivots: (S1) 154.21; (P) 154.67; (R1) 155.45; More....

Intraday bias in EUR/JPY remains neutral for the moment. Further decline is in favor as long as 155.66 minor resistance holds. Below 153.32 will target 55 D EMA (now at 152.36) and below. Nevertheless, above 155.66 will turn bias back to the upside for retesting 157.99 high instead.

In the bigger picture, as long as 151.60 resistance turned support holds, rise from 114.42 (2020 low) is in progress. On resumption, next target is 100% projection of 124.37 to 148.38 from 138.81 at 162.82. Nevertheless, sustained break of 151.60 will argue that larger correction is already underway.

Daily Pivots: (S1) 0.9614; (P) 0.9636; (R1) 0.9663; More...

In the bigger picture, medium term outlook is staying bearish as the pair is capped below falling 55 W EMA (now at 0.9913). Down trend form 1.2004 (2018 high) is in favor to extend through 0.9407 at a later stage. Nevertheless, decisive break of 38.2% retracement of 1.1149 to 0.9407 will raise the chance of bullish trend reversal.