Market Analysis: EUR/USD Starts Recovery, USD/CHF Dips Below Support

FXOpen

EUR/USD started a recovery wave above the 1.0830 resistance. USD/CHF is showing bearish signs below the 0.8830 resistance zone.

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

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

· There was a break above a key bearish trend line with resistance near 1.0800 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF is consolidating losses below the 0.8810 resistance.

· There was a break below a contracting triangle with support near 0.8830 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 1.0770 level. The Euro even cleared the 1.0800 barrier to move into a bullish zone against the US Dollar.

Besides, there was a break above a key bearish trend line with resistance near 1.0800. It opened the doors for a move above the 50-hour simple moving average and 1.0830. Finally, the pair tested the 1.0880 resistance.

It is now consolidating gains near the 23.6% Fib retracement level of the upward wave from the 1.0781 swing low to the 1.0891 high.

Immediate support on the downside is near the 50% Fib retracement level of the upward wave from the 1.0781 swing low to the 1.0891 high at 1.0830 and the 50-hour simple moving average. The next major support is near 1.0800.

A downside break below the 1.0800 support could send the pair toward the 1.0770 level. Immediate resistance on the EUR/USD chart is near the 1.0880 zone. The first major resistance is near the 1.0910 level.

An upside break above the 1.0910 level might send the pair toward the 1.0950 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 the 0.8870 zone. The US Dollar gained bearish momentum from the 0.8858 level against the Swiss Franc.

During the decline, there was a break below a contracting triangle with support near 0.8830. The pair even declined below the 50-hour simple moving average and 0.8795. A low is formed near 0.8774 and the pair is now consolidating losses.

On the upside, the pair is now facing resistance near the 23.6% Fib retracement level of the downward move from the 0.8858 swing high to the 0.8774 low at 0.8795.

The next major resistance is near the 0.8810 level. The main resistance is forming near the 50-hour simple moving average and the 61.8% Fib retracement level of the downward move from the 0.8858 swing high to the 0.8774 low at 0.8830.

If there is a clear break above the 0.8830 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.8870.

On the downside, immediate support on the USD/CHF chart is near 0.8775. The first major support is near the 0.8760 level. The next major support is near the 0.8720 level. Any more losses may possibly open the doors for a move toward the 0.8650 level in the coming days.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

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.

Latest from Forex Analysis

Market Analysis: AUD/USD and NZD/USD Grind Higher Steadily Commodity Currencies Strengthen after the FOMC Minutes Publication EUR/USD Analysis: Euro Showing Signs of Strength Market Analysis: EUR/USD Starts Increase While USD/JPY Dips Dollar Holds Steady after Producer Price Data Release

Latest articles

Indices

Nvidia's Successes Helps S&P 500 Price Reach Its All-time High

Yesterday, the price of the S&P 500 stock index rose to record closing highs on Thursday. Moreover, such a growth rate (+2.11% per day) has not been observed for 13 months. Reasons for Extremely Bullish Sentiment: → Nvidia's

Forex Analysis

Market Analysis: AUD/USD and NZD/USD Grind Higher Steadily

AUD/USD is moving higher and might rally if it clears 0.6600. NZD/USD is also rising and could extend its increase above the 0.6220 resistance zone. Important Takeaways for AUD/USD and NZD/USD Analysis Today· The

Forex Analysis

Commodity Currencies Strengthen after the FOMC Minutes Publication

The fundamental data of recent trading sessions contributed to a slight strengthening of commodity and European currencies. Thus, the AUD/USD pair, after forming a bullish engulfing combination, managed to confidently gain a foothold above 0.6500. The pound/US

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.