Market Analysis: EUR/USD Turns Red, USD/CHF Bulls in Control

FXOpen

EUR/USD started a fresh decline from the 1.0830 resistance. USD/CHF is rising and might aim a move toward the 0.9060 resistance.

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

· The Euro struggled to clear the 1.0845 resistance against the US Dollar.

· There is a major bearish trend line forming with resistance near 1.0800 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF is gaining pace above the 0.9000 resistance zone.

· There is a key bearish trend line forming with resistance near 0.9020 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair faced rejection near 1.0830. The Euro started a fresh decline from the 1.0828 swing high against the US Dollar.

There was a move below the 50-hour simple moving average at 1.0800. The pair tested the 1.0765 support. A low is formed near 1.0760 and the pair is now correcting losses. It is slowly moving higher above the 23.6% Fib retracement level of the recent decline from the 1.0828 swing high to the 1.0760 low.

Immediate resistance on the upside is near the 50-hour simple moving average at 1.0790. It is close to the 50% Fib retracement level of the recent decline from the 1.0828 swing high to the 1.0760 low.

The first major resistance is a major bearish trend line at 1.0810. An upside break above the 1.0810 level might send the pair toward the 1.0845 resistance. The next major resistance is near the 1.0900 level. Any more gains might open the doors for a move toward the 1.0920 level.

If there is no move above 1.0810 and RSI stays below 50, the pair might start a fresh decline. On the downside, immediate support on the EUR/USD chart is seen near 1.0765.

The next major support is near the 1.0750 level. A downside break below the 1.0750 support could send the pair toward the 1.0720 level.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from the 0.8940 support. The US Dollar gained climbed above the 0.8990 resistance zone against the Swiss Franc.

The pair cleared the 50% Fib retracement level of the downward move from the 0.9062 swing high to the 0.8940 low. It is now trading above the 0.9000 level and the 50-hour simple moving average.

On the upside, the pair is now facing resistance near a key bearish trend line at 0.9020. It is close to the 61.8% Fib retracement level of the downward move from the 0.9062 swing high to the 0.8940 low. The next major resistance is near the 0.9060 level.

If there is a clear break above the 0.9060 resistance zone, the pair could start another increase. In the stated case, it could test 0.9120.

On the downside, immediate support on the USD/CHF chart is near 0.9000.  The first major support is near the 50-hour simple moving average at 0.8990. The next major support is near the 0.8970 level. Any more losses may possibly open the doors for a move toward the 0.8974 level or even 0.8920 in the coming days.

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