EUR/USD started a fresh increase above 1.1750 and 1.1780. USD/CHF declined further and is now struggling below 0.7900.

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

· The Euro started a decent increase from 1.1700 against the US Dollar.

· There is a key bullish trend line forming with support near 1.1780 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF declined below the 0.7920 and 0.7900 support levels.

· There is a key bearish trend line forming with resistance near 0.7905 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.1700 zone. The Euro cleared the 1.1750 barrier to move into a bullish zone against the US Dollar.

The bulls pushed the pair above the 50-hour simple moving average and 1.1780. Finally, the pair tested 1.1800. A high was formed near 1.1808 and the pair is now consolidating gains above the 23.6% Fib retracement level of the upward wave from the 1.1703 swing low to the 1.1808 high.

An Immediate bid zone on the downside is near a connecting bullish trend line at 1.1780. The next area of interest could be near the 50-hour simple moving average at 1.1765.

A downside break below 1.1765 might send the pair toward the 76.4% Fib retracement at 1.1730. Any more losses might send the pair into a bearish zone toward 1.1700.

If there is a fresh increase, an immediate hurdle on the EUR/USD chart is 1.1810. The first major pivot level for the bulls could be 1.1850. An upside break above 1.1850 might send the pair to 1.1920. The next selling zone could be 1.1950. Any more gains might open the doors for a move toward 1.2000.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a fresh decline from well above 0.7950. The US Dollar dropped below 0.7900 to move into a negative zone against the Swiss Franc.

The bears pushed the pair below the 50-hour simple moving average and 0.7880. Finally, the bulls appeared near 0.7860. A low was formed near 0.7861, and the pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 0.7987 swing high to the 0.7861 low.

On the upside, the pair could face bears near 0.7890. The first major resistance sits near the 50-hour simple moving average at 0.7905. The main barrier for an upside break could be near a bearish trend line at 0.7925 and the 50% Fib retracement.

A daily close above 0.7925 could start a fresh increase. In the stated case, the pair could rise toward 0.7955. The next stop for the bulls might be 0.7985.

On the downside, immediate support on the USD/CHF chart is 0.7860. The first major breakdown zone could be 0.7840. A close below 0.7840 might send the pair to 0.7800. Any more losses may possibly open the doors for a move toward 0.7760 in the coming days.

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