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

FXOpen

EUR/USD started a fresh decline below the 1.0810 support. USD/CHF is rising and might aim a move toward the 0.8800 resistance.

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

· The Euro struggled to clear the 1.0900 resistance and declined against the US Dollar.

· There was a break above a short-term bearish trend line with resistance near 1.0750 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF is showing positive signs above the 0.8680 resistance zone.

· There was a break below a key bullish trend line with support at 0.8700 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair failed to clear the 1.0900 resistance. The Euro started a fresh decline below the 1.0855 support against the US Dollar, as mentioned in the previous analysis.

There was a move below the 50-hour simple moving average and 1.0810. The bears were able to push the pair below the 1.0765 pivot level. The pair traded as low as 1.0723 and is currently correcting losses.

There was a minor move above a short-term bearish trend line with resistance near 1.0750 and the 50-hour simple moving average. Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.0897 swing high to the 1.0723 low.

The next major resistance is near the 1.0810 zone. It is close to the 50% Fib retracement level of the downward move from the 1.0897 swing high to the 1.0723 low.

An upside break above the 1.0810 level might send the pair toward the 1.0855 resistance. Any more gains might open the doors for a move toward the 1.0900 level.

On the downside, immediate support on the EUR/USD chart is seen near 1.0720. The next major support is near the 1.0680 level. A downside break below the 1.0680 support could send the pair toward the 1.0625 level.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from the 0.8550 support. The US Dollar climbed above the 0.8625 resistance zone against the Swiss Franc.

The bulls were able to pump the pair above the 50-hour simple moving average and 0.8680. Finally, the pair tested the 0.8740 zone. A high was formed near 0.8740 before there was a minor pullback. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.8552 swing low to the 0.8740 high.

There was also a break below a key bullish trend line with support at 0.8700. The pair is now below the 50-hour simple moving average. On the downside, immediate support on the USD/CHF chart is near the 0.8680 zone.

The first major support is near the 50% Fib retracement level of the upward move from the 0.8552 swing low to the 0.8740 high at 0.8645. A downside break below 0.8645 might spark bearish moves. The next major support is near the 0.8550 pivot level.

Any more losses may possibly open the doors for a move toward the 0.8500 level in the near term. On the upside, the pair is now facing resistance near 0.8710.

The next major resistance is at 0.8740. The main resistance is now near 0.8765. If there is a clear break above the 0.8765 resistance zone and the RSI climbs above 60, the pair could start another increase. In the stated case, it could test 0.8800.

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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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