Market Analysis: EUR/USD Targets More Upside As USD/CHF Turns Higher Again

EUR/USD started a downside correction from 1.1650. USD/CHF is rising and might aim for a move toward 0.7880 or 0.7900.

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

· The Euro struggled to clear 1.1650 and corrected gains against the US Dollar.

· There is a key bullish trend line forming with support at 1.1630 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF is showing positive signs above the 0.7830 zone.

· There was a break above a connecting bearish trend line with resistance at 0.7830 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 1.1600. The Euro tested 1.1650 and recently corrected gains against the US Dollar.

The pair dipped below 1.1635 and the 38.2% Fib retracement level of the upward move from the 1.1588 swing low to the 1.1652 high. However, the bulls were active above 1.1620. There is also a key bullish trend line forming with support at 1.1630.

The pair is again above the 50-hour simple moving average. Immediate resistance on the upside could be 1.1650. The next key hurdle for the bulls might be 1.1675.

An upside break above 1.1675 might send the pair toward 1.1705. Any more gains might open the doors for a move toward 1.1740. If the bulls fail to push the pair above 1.1650, there could be another bearish reaction.

On the downside, immediate support on the EUR/USD chart might be near the trend line at 1.1630. The next major area of interest could be near the 50% Fib retracement level at 1.1620. A downside break below 1.1620 could send the pair toward 1.1550.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair declined from the 0.7900 barrier and tested the 0.7810 zone. The US Dollar traded as low as 0.7808 and recently started a fresh increase against the Swiss Franc.

The pair climbed above 0.7820 and the 50-hour simple moving average. There was a break above the 50% Fib retracement level of the downward move from the 0.7903 swing high to the 0.7808 low. Besides, there was a break above a connecting bearish trend line with resistance at 0.7830.

The bulls are now facing hurdles near the 61.8% Fib retracement at 0.7865. The next major area of interest could be 0.7880. The main sell region could be near 0.7900.

If there is a clear break above 0.7900, the pair could start another increase. In the stated case, it could test 0.8000. If there is another decline, the pair might test the 50-hour simple moving average at 0.7835.

The first major support on the USD/CHF chart could be 0.7830. A downside break below 0.7830 might spark bearish moves. The next major support might be 0.7800. Any more losses may possibly open the doors for a move toward 0.7765 in the near term.

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