Market Analysis: EUR/USD Drops Again While USD/CHF Gains Strength

FXOpen

EUR/USD started a fresh decline from the 1.0930 resistance. USD/CHF is rising and might aim a move toward the 0.9015 resistance.

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

· The Euro struggled to clear the 1.0930 resistance against the US Dollar.

· There is a major bearish trend line forming with resistance near 1.0890 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF is gaining pace above the 0.8965 resistance zone.

· There is a key bearish trend line forming with resistance near 0.8980 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair struggled many times near the 1.0930 resistance. The Euro started a fresh decline from the 1.0931 swing high against the US Dollar.

There was a move below the 50-hour simple moving average at 1.0890. The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 1.0835 swing low to the 1.0931 high.

It seems like the pair might continue to move down considering the RSI is below 35. On the downside, immediate support on the EUR/USD chart is seen near 1.0845. It is close to the 76.4% Fib retracement level of the upward move from the 1.0835 swing low to the 1.0931 high.

The next major support is near the 1.0835 level. A downside break below the 1.0835 support could send the pair toward the 1.0780 level.

Immediate resistance on the upside is near the 50-hour simple moving average at 1.0890. It is close to a major bearish trend line. The first major resistance is near 1.0920. The next key resistance is near the 1.0930 level.

An upside break above the 1.0930 level might send the pair toward the 1.0970 resistance. Any more gains might open the doors for a move toward the 1.1010 level.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from the 0.8930 support. The US Dollar gained climbed above the 0.8950 resistance zone against the Swiss Franc.

The pair cleared the 50% Fib retracement level of the downward move from the 0.9004 swing high to the 0.8945 swing low. It is now trading above the 0.8965 level and the 50-hour simple moving average.

On the upside, the pair is now facing resistance near a key bearish trend line at 0.8980. It is close to the 61.8% Fib retracement level of the downward move from the 0.9004 swing high to the 0.8945 swing low. The next major resistance is near the 0.9005 level.

If there is a clear break above the 0.9005 resistance zone and the RSI climbs above 70, the pair could start another increase. In the stated case, it could test 0.9050.

On the downside, immediate support on the USD/CHF chart is near the 50-hour simple moving average at 0.8965.  The first major support is near 0.8938. The next major support is near the 0.8930 level. Any more losses may possibly open the doors for a move toward the 0.8900 level or even 0.8880 in the near term.

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