Market Analysis: EUR/USD Holds Weak, USD/CHF Retreats From Highs

EUR/USD started a downside correction from 1.1665. USD/CHF failed to clear 0.8000 and recently started a downside correction.

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

· The Euro seems to be facing strong resistance at 1.1665 against the US Dollar.

· There is a bullish trend line forming with support at 1.1635 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF is correcting gains below 0.7960 and 0.7950.

· There is a declining channel or a bullish flag pattern forming with resistance at 0.7950 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair gained pace for a move above 1.1635. The Euro tested 1.1665 and recently corrected gains against the US Dollar.

The pair dipped below 1.1645, the 50-hour simple moving average, and the 23.6% Fib retracement level of the upward move from the 1.1576 swing low to the 1.1668 high. The pair is now testing a bullish trend line forming with support at 1.1635.

If the trend line holds, the pair could attempt a fresh increase. Immediate resistance on the upside is near 1.1645. The next key hurdle for the bulls could be near 1.1665.

An upside break above 1.1665 might send the pair toward 1.1700. Any more gains might open the doors for a move toward 1.1740. On the downside, immediate support on the EUR/USD chart is seen near the trend line.

The next major area of interest is 1.1620 and the 50% Fib retracement. A downside break below 1.1620 could send the pair toward the 1.1600 handle.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair attempted a fresh increase above 0.7950. However, the US Dollar struggled near 0.7985 and recently started a fresh decline against the Swiss Franc.

The pair dipped below 0.7950 and the 50-hour simple moving average. The decline was such that the pair even spiked below the 50% Fib retracement level of the upward move from the 0.7872 swing low to the 0.7986 high.

On the other hand, there is a declining channel or a bullish flag pattern forming with resistance at 0.7950 and the 50-hour simple moving average. To start a fresh increase, the pair must settle above the channel.

The next major area of interest could be 0.7985. The main sell region could be near 0.8000. If there is a clear break above 0.8000 and the RSI remains above 60, the pair could start another increase. In the stated case, it could test 0.8050.

If there is another decline, the pair might test 0.7915 and the 61.8% Fib retracement. The first major support on the USD/CHF chart is near 0.7900.

A downside break below 0.7900 might spark bearish moves. The next key target for the bears might be 0.7870. Any more losses may possibly open the doors for a move toward 0.7820 in the near term.

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