Market Analysis: EUR/USD Corrects Gains While USD/CHF Aims Higher

FXOpen

EUR/USD started a decent increase above the 1.0860 resistance. USD/CHF is rising and might aim a move toward the 0.9055 resistance.

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

· The Euro gained pace after it broke the 1.0860 resistance against the US Dollar.

· There is a major bullish trend line forming with support near 1.0905 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF is recovering higher above the 0.8945 resistance zone.

· There is a key rising channel forming with support near 0.8970 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a decent increase and was able to settle above the 1.0860 resistance zone. The Euro was able to climb further higher above the 1.0920 level against the US Dollar.

Finally, it tested the 1.0970 zone. A high is formed near 1.0970 and the pair is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the 1.0803 swing low to the 1.0970 high.

The pair is now trading below the 50-hour simple moving average. However, there is a major bullish trend line forming with support near 1.0905.

The next major support is near the 61.8% Fib retracement level of the upward move from the 1.0803 swing low to the 1.0970 high at 1.0860. A downside break below the 1.0860 support could send the pair toward the 1.0785 level.

Immediate resistance on the EUR/USD chart is near the 50-hour simple moving average at 1.0925. The first major resistance is near the 1.0970 level.

An upside break above the 1.0970 level might send the pair toward the 1.1000 resistance. The next major resistance is near the 1.1040 level. Any more gains might open the doors for a move toward the 1.1080 level.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from the 0.8900 support. The US Dollar gained climbed above the 0.8945 resistance zone against the Swiss Franc.

The pair cleared the 50% Fib retracement level of the downward move from the 0.9056 swing high to the 0.8901 low. It is now trading above the 0.8970 level and the 50-hour simple moving average.

On the upside, the pair is now facing resistance near 0.9000. It is close to the 61.8% Fib retracement level of the downward move from the 0.9056 swing high to the 0.8901 low. The next major resistance is near the 0.9040 level.

If there is a clear break above the 0.9040 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.9055.

On the downside, immediate support on the USD/CHF chart is near a key rising channel at 0.8970 and the 50-hour simple moving average. The first major support is near the 0.8945 level. The next major support is near the 0.8900 level. Any more losses may possibly open the doors for a move toward the 0.8880 level or even 0.8850 in the coming days.

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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.

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