Market Analysis: EUR/USD Trims Gains as USD/CHF Targets Fresh Upside

EUR/USD started a downside correction from 1.1740. USD/CHF is rising and might aim for a move toward 0.8100.

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

• The Euro struggled to clear 1.1740 and corrected gains against the US Dollar.
• There was a break below a key bullish trend line with support at 1.1705 on the hourly chart of EUR/USD at FXOpen.
• USD/CHF is showing positive signs above the 0.8020 zone.
• There was a break above a connecting bearish trend line with resistance at 0.8000 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 1.1650. The Euro tested 1.1735 and recently corrected gains against the US Dollar.

The pair dipped below 1.1700 and a key bullish trend line with support at 1.1705. It sparked a move below the 50% Fib retracement level of the upward move from the 1.1574 swing low to the 1.1736 high.

The pair shows some bearish signs below the 50-hour simple moving average, and gains might remain capped since the RSI is now below 50. Immediate resistance on the upside is near 1.1655. The next key hurdle for the bulls could be near the 50-hour simple moving average at 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.

On the downside, immediate support on the EUR/USD chart is seen near the 76.4% Fib retracement at 1.1610. The next major area of interest is 1.1575. A downside break below 1.1575 could send the pair toward the 1.1500 handle.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair declined from the 0.8075 barrier and tested the 0.7985 zone. The US Dollar traded as low as 0.7983 and recently started a fresh increase against the Swiss Franc.

The pair climbed above 0.8020 and the 50-hour simple moving average. There was a break above the 50% Fib retracement level of the downward move from the 0.8076 swing high to the 0.7983 low. Besides, there was a break above a connecting bearish trend line with resistance at 0.8000.

The bulls are now facing hurdles near the 76.4% Fib retracement at 0.8055. The next major area of interest could be 0.8075. The main sell region could be near 0.8100.

If there is a clear break above 0.8100 and the RSI remains above 50, the pair could start another increase. In the stated case, it could test 0.8150.

If there is another decline, the pair might test the 50-hour simple moving average at 0.8020. The first major support on the USD/CHF chart is near 0.8000. A downside break below 0.8000 might spark bearish moves. The next major support is 0.7880. Any more losses may possibly open the doors for a move toward 0.7840 in the near term.

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