Market Analysis: EUR/USD Revisits Support While USD/CHF Aims Higher

FXOpen

EUR/USD started a fresh decline below the 1.0980 support. USD/CHF is rising and might aim a move toward the 0.8620 resistance.

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

· The Euro struggled to clear the 1.1000 resistance and declined against the US Dollar.

· There is a major bearish trend line forming with resistance near 1.0945 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF is gaining pace above the 0.8500 resistance zone.

· There is a key bearish trend line forming with resistance near 0.8530 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 1.1000 resistance. The Euro started a fresh decline below the 1.0980 support against the US Dollar.

There was a move below the 50-hour simple moving average and 1.0945. The bears were able to push the pair below the 1.0920 pivot level. The pair traded as low as 1.0910 and is currently consolidating losses.

Immediate resistance on the upside is near the 50% Fib retracement level of the downward move from the 1.0978 swing high to the 1.0610 low. There is also a major bearish trend line forming with resistance near 1.0945 and the 50-hour simple moving average.

The next major resistance is near the 1.0980 zone. An upside break above the 1.0980 level might send the pair toward the 1.1020 resistance or the 1.618 Fib extension level of the downward move from the 1.0978 swing high to the 1.0610 low. Any more gains might open the doors for a move toward the 1.1050 level.

On the downside, immediate support on the EUR/USD chart is seen near 1.0910. The next major support is near the 1.0890 level. A downside break below the 1.0890 support could send the pair toward the 1.0850 level.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from the 0.8360 support. The US Dollar climbed above the 0.8420 resistance zone against the Swiss Franc.

The bulls were able to pump the pair above the 50-hour simple moving average and 0.8460. The pair climbed above the 50% Fib retracement level of the downward move from the 0.8575 swing high to the 0.8455 low.

On the upside, the pair is now facing resistance near 0.8530. It is close to the 61.8% Fib retracement level of the downward move from the 0.8575 swing high to the 0.8455 low.

There is also a key bearish trend line forming with resistance near 0.8530. The next major resistance is at 0.8555. The main resistance is now near 0.8575. If there is a clear break above the 0.8575 resistance zone and the RSI climbs above 65, the pair could start another increase. In the stated case, it could test 0.8620.

If not, there could be a downside correction. On the downside, immediate support on the USD/CHF chart is near the 50-hour simple moving average at 0.8500.

The first major support is 0.8460. A downside break below 0.8460 might spark bearish moves. The next major support is near the 0.8420 pivot level. Any more losses may possibly open the doors for a move toward the 0.8360 level in the near term.

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