Market Analysis: EUR/USD Extends Rally While USD/CHF Dives

FXOpen

EUR/USD started a steady increase above the 1.0830 resistance. USD/CHF declined and now struggling below the 0.8900 resistance.

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

· The Euro rallied after it broke the 1.0830 resistance against the US Dollar.

· There is a short-term bearish trend line forming with resistance near 1.0930 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF declined below the 0.9000 and 0.8900 support levels.

· There is a connecting bearish trend line forming with resistance near 0.8840 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 from the 1.0700 zone. The Euro cleared the 1.0750 resistance to move into a bullish zone against the US Dollar.

The bulls pushed the pair above the 50-hour simple moving average and 1.0830. Finally, the pair tested the 1.0965 resistance. It is now correcting gains and trading below the 23.6% Fib retracement level of the upward wave from the 1.0824 swing low to the 1.0965 high.

Immediate support on the downside is near the 50% Fib retracement level of the upward wave from the 1.0824 swing low to the 1.0965 high at 1.0895. The next major support is 1.0880.

A downside break below the 1.0880 support could send the pair toward the 1.0830 level. Any more losses might send the pair into a bearish zone to 1.0750.

Immediate resistance on the EUR/USD chart is near the 50-hour simple moving average at 1.0930. There is also a short-term bearish trend line forming with resistance near 1.0930. The first major resistance is near the 1.0965 level. An upside break above the 1.0965 level might send the pair toward the 1.0985 resistance.

The next major resistance is near the 1.1000 level. Any more gains might open the doors for a move toward the 1.1050 level.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a fresh decline from well above the 0.9000 zone. The US Dollar dropped below the 0.8900 support to move into a negative zone against the Swiss Franc.

The bears pushed the pair below the 50-hour simple moving average and 0.8860. Finally, the bulls appeared near the 0.8820 level. A low is formed near 0.8819 and the pair is now attempting a recovery wave.

On the upside, the pair could face resistance near the 50-hour simple moving average and the 23.6% Fib retracement level of the downward move from the 0.8899 swing high to the 0.8819 low.

There is also a connecting bearish trend line forming with resistance near 0.8840. The next major resistance is near the 50% Fib retracement level of the downward move from the 0.8899 swing high to the 0.8819 low at 0.8860.

If there is a clear break above the 0.8860 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.8900.

On the downside, immediate support on the USD/CHF chart is 0.8820. The first major support is near the 0.8800 level. The next major support is near 0.8765. Any more losses may possibly open the doors for a move toward the 0.8720 level 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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