Market Analysis: EUR/USD Dips Again While USD/CHF Turns At Risk of Fresh Decline

EUR/USD started a fresh decline from the 1.1050 resistance. USD/CHF is moving lower and might decline further toward the 0.8860 support.

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

· The Euro started a fresh decline from the 1.1050 resistance against the US Dollar.

· There is a major bearish trend line forming with resistance near 1.1000 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF is showing a few bearish signs below the 0.8930 resistance zone.

· There is a key bearish trend line forming with resistance near 0.8925 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair faced rejection near the 1.1050 level. The Euro started a fresh decline from the 1.1053 high against the US Dollar.

There was a move below the 50-hour simple moving average at 1.1000. The pair tested the 1.0945 support. A low is formed near 1.0941 and the pair is now correcting losses. There was a recovery wave above the 23.6% Fib retracement level of the recent decline from the 1.1053 swing high to the 1.0941 low.

The first major resistance is near the 50-hour simple moving average at 1.1000. It coincides with a major bearish trend line and the 50% Fib retracement level of the recent decline from the 1.1053 swing high to the 1.0941 low.

An upside break above the 1.1000 level might send the pair toward the 1.1050 resistance. The next major resistance is near the 1.1090 level. Any more gains might open the doors for a move toward the 1.1120 level.

If there is no move above 1.1050, the pair might start a fresh decline. On the downside, immediate support on the EUR/USD chart is seen near 1.0945.

The next major support is near the 1.0920 level. A downside break below the 1.0920 support could start a steady decline toward the 1.0865 level.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from the 0.8820 support. The US Dollar gained climbed above the 0.8885 resistance zone before the bears appeared.

The pair failed to clear the 0.8930 resistance zone. The pair is now moving lower below the 50% Fib retracement level of the recent increase from the 0.8867 swing low to the 0.8942 high. It is trading below the 50-hour simple moving average and RSI is declining.

On the downside, immediate support on the USD/CHF chart is near the 76.4% Fib retracement level of the recent increase from the 0.8867 swing low to the 0.8942 high at 0.8885.

The next major support is near the 0.8860 level. Any more losses may possibly open the doors for a move toward the 0.8820 level or even 0.8800 in the coming days.

On the upside, the pair is now facing resistance near a key bearish trend line at 0.8930. The next major resistance is near the 0.8960 level. If there is a clear break above the 0.8960 resistance zone, the pair could start another increase. In the stated case, it could test 0.9000.