EUR/USD is facing a strong resistance near the 1.0800 zone. USD/CHF is rising and might aim a clear move above the 0.9240 resistance zone.
Important Takeaways for EUR/USD and USD/CHF
· The Euro started a fresh decline from the 1.0800 resistance against the US Dollar.
· There is a key bearish trend line forming with resistance near 1.0750 on the hourly chart of EUR/USD.
· USD/CHF started a fresh increase above the 0.9200 resistance zone.
· There is a major bearish trend line forming with resistance near 0.9240 on the hourly chart.
EUR/USD Technical Analysis
After testing the 1.0650 support zone, the Euro started a steady increase against the US Dollar. The EUR/USD pair gained pace above the 1.0700 level to move into a bullish zone.
The pair even climbed above the 1.0750 resistance and settled above the 50 hourly simple moving average. However, the bears were active near the 1.0800 resistance. It traded as high as 1.0804 on FXOpen and recently started a downside correction.
There was a move below the 1.0750 level. There was a clear move below the 50% Fib retracement level of the upward move from the 1.0655 swing low to 1.0804 high.
It is now trading above 1.0700 and the 50 hourly simple moving average. On the downside, an immediate support is near the 1.0710 level. It is near the 61.8% Fib retracement level of the upward move from the 1.0655 swing low to 1.0804 high.
The next major support is near the 1.0690 level. A downside break below the 1.0690 support could start another decline towards the 1.0650 level.
An immediate resistance is near the 1.0730 level. The next major resistance is near the 1.0750 level. There is also a key bearish trend line forming with resistance near 1.0750 on the hourly chart of EUR/USD.
A clear move above the 1.0750 resistance zone could set the pace for a larger increase towards 1.0800. The next major resistance is near the 1.0850 zone.
USD/CHF Technical Analysis
The US Dollar started a fresh increase from the 0.9140 support zone against the Swiss franc. The USD/CHF pair gained pace above the 0.9180 resistance to set the pace for a decent increase.
There was a clear move above the 0.9200 level the 0.9240 support and the 50 hourly simple moving average. The bulls even pushed the pair above the 50% Fib retracement level of the downward move from the 0.9260 swing high to 0.9137 low.
It is now trading near the 76.4% Fib retracement level of the downward move from the 0.9260 swing high to 0.9137 low. An immediate resistance is near the 0.9240 level.
There is also a major bearish trend line forming with resistance near 0.9240 on the hourly chart. The next major resistance is near the 0.9260 level. If there is a clear break above the 0.9260 resistance zone, the pair could start another increase. In the stated case, it could test 0.9300.
On the downside, an immediate support is near the 0.9210 level. The next major support is near the 0.9180 level. Any more losses may possibly open the doors for a move towards the 0.9150 level or even 0.9135 in the coming days.
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.
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