EUR/USD is currently trading in a bearish zone below the 1.1035 and 1.1055 resistance levels. USD/CHF is currently consolidating gains above the 0.9965 support and it could continue to rise.

Important Takeaways for EUR/USD and USD/CHF

• The Euro is struggling to correct after it broke the key 1.1055 support area against the US Dollar.
• There is a key contracting triangle forming with resistance near 1.1025 on the hourly chart of EUR/USD.
• USD/CHF is currently consolidating nicely above the 0.9965 and 0.9945 support levels.
• There is likely a bullish continuation pattern forming with resistance near the 0.9990 level on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro struggled to continue above the 1.1095 resistance area against the US Dollar. As a result, the EUR/USD pair started a fresh decline and broke the 1.1055 support area.

Moreover, the pair broke the 1.1035 support area and the 50 hourly simple moving average. Finally, the pair traded as low as 1.1003 on FXOpen and it is currently consolidating losses.

On the upside, an initial resistance is near the 1.1020 level and the 50 hourly simple moving average. The first key resistance is near the 1.1025 level. It is also near the 23.6% Fib retracement level of the recent decline from the 1.1096 high to 1.1003 low.

Moreover, there is a key contracting triangle forming with resistance near 1.1025 on the hourly chart of EUR/USD. Above the triangle resistance, the 1.1035 level is a major hurdle.

If there is an upside break above 1.1035, the pair could recover towards the 1.1055 resistance area. An intermediate resistance is near the 50% Fib retracement level of the recent decline from the 1.1096 high to 1.1003 low.

If there is a close above the 1.1055 resistance, EUR/USD could move into a positive zone. Conversely, the pair could continue to move down below 1.1010.

A clear break below the 1.1000 support area could push the pair towards the 1.0960 and 1.0950 support levels in the near term.

USD/CHF Technical Analysis

The US Dollar started a strong rise above the 0.9920 and 0.9945 resistance levels against the Swiss franc. Moreover, the USD/CHF pair settled above the 0.9945 level and the 50 hourly simple moving average.

It opened the doors for more gains above the 0.9965 and 0.9980 levels. However, the pair seems to be facing a strong resistance near the 0.9985 and 0.9990 levels.

The recent high was formed near 0.9985 and the pair is currently consolidating gains. It already tested the 38.2% Fib retracement level of the recent wave from the 0.9930 low to 0.9985 high.

Besides, there is likely a bullish continuation pattern forming with resistance near the 0.9990 level on the hourly chart. If there is an upside break above the 0.9990 level, the pair is likely to accelerate above the 1.0000 resistance.

The next major resistance is near the 1.0020 level, above which USD/CHF may perhaps rise towards the 1.0040 level. On the downside, the first key support is near 0.9955.

Additionally, the 50% Fib retracement level of the recent wave from the 0.9930 low to 0.9985 high is also near 0.9955. The main support is near 0.9945, below which the pair could start a major downside correction.

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