Market Analysis: EUR/USD Builds Bullish Momentum as USD/CHF Pullback Accelerates

EUR/USD started a fresh increase above 1.1780. USD/CHF declined from 0.7770 and is now struggling to stay above 0.7925.

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

· The Euro started a decent upward move from 1.1750 against the US Dollar.

· There is a key bearish trend line forming with resistance at 1.1800 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF declined below the 0.7725 and 0.7710 support levels.

· There is a major contracting triangle forming with resistance near 0.7765 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 1.1745. The Euro cleared 1.1765 to decrease bearish pressure and move into a bullish zone against the US Dollar.

The bulls pushed the pair above the 50-hour simple moving average and 1.1780. It opened the doors for a move toward the 50% Fib retracement level of the downward move from the 1.1834 swing high to the 1.1766 low.

The first key hurdle on the EUR/USD chart is near a bearish trend line at 1.1800. The next barrier for a fresh increase sits near the 61.8% Fib retracement at 1.1810. An upside break above 1.1810 might send the pair toward 1.1835.

The next major area of interest for the bears might be 1.1855. 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 1.1785.

A close below 1.1785 could spark more bearish moves and send the pair toward 1.1765. The next major hurdle for the bears might be 1.1745. Any more losses might send the pair into a bearish zone toward 1.1720.

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 0.7765. The US Dollar dropped below 0.7755 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 0.7710 swing low to the 0.7768 high. The bears pushed the pair below the 50-hour simple moving average and 0.7945.

On the downside, immediate support on the USD/CHF chart is 0.7725 and the 76.4% Fib retracement. The first major area of interest could be 0.7710. Any more losses may possibly open the path for a move toward the 0.7675 level in the coming sessions.

On the upside, the pair is facing resistance near the 50-hour simple moving average at 0.7940. A clear move above 0.7740 could send the pair to 0.7755 and a major contracting triangle.

The next major barrier for the bulls might be 0.7765, above which the pair could test the 0.7770 level. If there is a clear break above 0.7770, the pair could start another increase. In the stated case, it could even surpass 0.7820.

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