Market Analysis: EUR/USD Reclaims 1.0700 While USD/CHF Dips

EUR/USD started a recovery wave above the 1.0700 resistance. USD/CHF declined and now struggling below the 0.9010 resistance.

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

· The Euro gained pace after it broke the 1.0635 resistance against the US Dollar.

· There is a major bullish trend line forming with support near 1.0685 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF declined below the 0.9030 and 0.9010 support levels.

· There is a connecting bearish trend line forming with resistance near 0.9010 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a recovery wave from the 1.0525 level. The Euro cleared the 1.0635 resistance to move into a short-term bullish zone against the US Dollar.

The bulls pushed the pair above the 50-hour simple moving average and 1.0700. Finally, the pair tested the 1.0750 resistance. It is now correcting gains and trading below the 23.6% Fib retracement level of the upward wave from the 1.0517 swing low to the 1.0756 high.

Immediate support on the downside is near a major bullish trend line at 1.0685. The next major support is near the 50% Fib retracement level of the upward wave from the 1.0517 swing low to the 1.0756 high at 1.0635.

A downside break below the 1.0635 support could send the pair toward the 1.0560 level. Any more losses might send the pair into a bearish zone to 1.0525.

Immediate resistance on the EUR/USD chart is near the 50-hour simple moving average at 1.0700. The first major resistance is near the 1.0750 level. An upside break above the 1.0750 level might send the pair toward the 1.0800 resistance.

The next major resistance is near the 1.0840 level. Any more gains might open the doors for a move toward the 1.0920 level.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a fresh decline from the 0.9115 zone. The US Dollar dropped below the 0.9030 support to move into a negative zone against the Swiss Franc.

The bears pushed the pair below the 50-hour simple moving average and 0.9010. Finally, the bulls appeared near the 0.8950 level. A low is formed near 0.8953 and the pair is now attempting a recovery wave.

It is trading above the 50-hour simple moving average and the 23.6% Fib retracement level of the downward move from the 0.9112 swing high to the 0.8953 low.

On the upside, the pair could face resistance near a connecting bearish trend line at 0.9010. The next major resistance is near the 0.9030 level or the 50% Fib retracement level of the downward move from the 0.9112 swing high to the 0.8953 low.

If there is a clear break above the 0.9030 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.9075.

On the downside, immediate support on the USD/CHF chart is 0.8990. The first major support is near the 0.8950 level. The next major support is near 0.8910. Any more losses may possibly open the doors for a move toward the 0.8880 level in the coming days.