EUR/USD is struggling to clear the 1.0250 resistance zone. USD/CHF is declining and remains at a risk of a more losses below the 0.9520 level.
Important Takeaways for EUR/USD and USD/CHF
· The Euro is facing a strong resistance near the 1.0250 zone against the US Dollar.
· There is a key bullish trend line forming with support near 1.0200 on the hourly chart of EUR/USD.
· USD/CHF started a fresh decline after it failed to clear the 0.9650 resistance zone.
· There was a break below a connecting bullish trend line with support near 0.9565 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro struggled to gain pace for a move above the 1.0250 level against the US Dollar. The EUR/USD pair formed a short-term top and reacted to the downside.
There was a break below the 1.0200 support, but the bulls were active near the 1.0150 level. A low was formed near 1.0141 on FXOpen and the pair is now recovering higher. There was a move above the 1.0180 resistance zone.
The pair climbed above the 1.0200 level and the 50 hourly simple moving average. The pair traded above the 50% Fib retracement level of the downward move from the 1.0253 swing high to 1.0141 low.
It is now trading above the 61.8% Fib retracement level of the downward move from the 1.0253 swing high to 1.0141 low. An immediate resistance is near the 1.0240 level. The next major resistance is near the 1.0250 level.
A clear move above the 1.0250 resistance zone could set the pace for a larger increase towards 1.0320. The next major resistance is near the 1.0350 zone.
On the downside, an immediate support is near the 1.0200 level. There is also a key bullish trend line forming with support near 1.0200 on the hourly chart of EUR/USD. The next major support is near the 1.0150 level. A downside break below the 1.0150 support could start another decline.
USD/CHF Technical Analysis
The US Dollar struggled to clear the 0.9650 resistance zone and started a fresh decline against the Swiss franc. The USD/CHF pair traded below the 0.9600 support zone to move into a bearish zone.
The pair even declined below the 0.9580 level and the 50 hourly simple moving average. The recent low is formed near 0.9511 and the pair is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the recent decline from the 0.9649 swing high to 0.9511 low.
An immediate resistance is near the 0.9550 level. The next major resistance is near the 0.9580 level. It is near the 50% Fib retracement level of the recent decline from the 0.9649 swing high to 0.9511 low.
If there is a clear break above the 0.9580 resistance zone, the pair could start another increase. If not, the pair could decline towards the 0.9510 support. The main support is now forming near the 0.9460 level. Any more losses may possibly open the doors for a move towards the 0.9400 level.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.
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