Market Analysis: EUR/USD Attempts Recovery, USD/CHF Faces Uphill Task

EUR/USD started a recovery wave above the 1.0715 resistance. USD/CHF is struggling to clear the key 0.8940 resistance zone.

Important Takeaways for EUR/USD and USD/CHF Analysis Today

· The Euro gained pace after it broke the 1.0705 resistance against the US Dollar.

· There is a major bullish trend line forming with support near 1.0715 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF is consolidating gains below the 0.8940 resistance.

· There is a connecting bearish trend line forming with resistance near 0.8930 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a recovery wave from the 1.0685 level. The Euro even cleared the 1.0715 barrier to move into a short-term bullish zone against the US Dollar.

The bulls pushed the pair above the 50-hour simple moving average and 1.0735. Finally, the pair tested the 1.0760 resistance. It is now consolidating gains below the 23.6% Fib retracement level of the upward wave from the 1.0705 swing low to the 1.0764 high.

Immediate support on the downside is near the 50-hour simple moving average at 1.0735. The next major support is near a bullish trend line at 1.0715.

The trend line is close to the 76.4% Fib retracement level of the upward wave from the 1.0705 swing low to the 1.0764 high. A downside break below the 1.0715 support could send the pair toward the 1.0685 level.

Immediate resistance on the EUR/USD chart is near the 1.0760 zone. The first major resistance is near the 1.0780 level. An upside break above the 1.0780 level might send the pair toward the 1.0850 resistance.

The next major resistance is near the 1.0920 level. Any more gains might open the doors for a move toward the 1.1000 level.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a fresh increase from the 0.8830 zone. The US Dollar climbed higher steadily above the 0.8888 and 0.8900 resistance levels against the Swiss Franc.

There was even a move above 0.8900 but the bears remained active near the 0.8940 level. The pair made a couple of attempts to clear 0.8940 but failed. A high was formed near 0.8944 and the pair is now consolidating gains.

There was a move below the 23.6% Fib retracement level of the upward wave from the 0.8832 swing low to the 0.8944 high.

On the downside, immediate support on the USD/CHF chart is near the 50-hour simple moving average at 0.8915. The first major support is near the 0.8900 level. The next major support is near the 50% Fib retracement level of the upward wave from the 0.8832 swing low to the 0.8944 high at 0.8888.

Any more losses may possibly open the doors for a move toward the 0.8830 level in the coming days. On the upside, the pair could face resistance near a connecting bearish trend line at 0.8930.

The next major resistance is near the 0.8940 level. If there is a clear break above the 0.8940 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.9000.