EUR/USD Declining While USD/CHF Could Gain Momentum

FXOpen

EUR/USD struggled to clear the 1.1880 resistance and decline below 1.1820. USD/CHF is showing positive signs and it could gain momentum above 0.9100.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro struggled to hold gains and declined below the 1.1820 support against the US Dollar.
  • There was a break below a major contracting triangle with support near 1.1810 on the hourly chart of EUR/USD.
  • USD/CHF started a fresh increase from the 0.9040 support zone and climbed above 0.9065.
  • There is a key rising channel forming with support near 0.9075 on the hourly chart.

EUR/USD Technical Analysis

After a rejection near the 1.1880 zone, the Euro reacted to the downside against the US Dollar. The EUR/USD pair broke the 1.1850 and 1.1840 support levels to move into a bearish zone.

The pair even broke the 1.1820 support and settled below the 50 hourly simple moving average. More importantly, there was a break below a major contracting triangle with support near 1.1810 on the hourly chart of EUR/USD.

EUR/USD Technical Analysis Euro Dollar

The pair is now trading below the 1.1800 level and formed a low at 1.1770 on on FXOpen. If there is an upside correction, the 1.1795 level might act as a resistance. The next resistance is near 1.1800 or the 50% Fib retracement level of the recent decline from the 1.1838 high to 1.1770 low.

On the upside, the first key resistance is near the 1.1815 level. It is close to the 61.8% Fib retracement level of the recent decline from the 1.1838 high to 1.1770 low.

To move back into a positive zone, the pair must break the 1.1800, 1.1815, and 1.1815 resistance levels. Conversely, the pair might continue to move down below the 1.1770 level.

The first major support on the downside is near the 1.1750 level. A clear break below the 1.1750 support level could spark a sharp decline towards the 1.1720 and 1.1705 levels in the coming sessions.

USD/CHF Technical Analysis

After a steady decline, the US Dollar found support near the 0.9040 area against the Swiss franc. The USD/CHF pair formed a support base and started a fresh upward move above the 0.9050 resistance.

There was a break above the 0.9075 resistance level and the 50 hourly simple moving average. The pair even traded close to the 0.9100 level and a high is formed at 0.9099. It is currently correcting lower and traded below 0.9090.

USD/CHF Technical Analysis Dollar Swiss Franc

There was a break below the 23.6% Fib retracement level of the recent increase from the 0.9062 low to 0.9099 high. There is also a key rising channel forming with support near 0.9075 on the hourly chart.

The channel support is close to the 50% Fib retracement level of the recent increase from the 0.9062 low to 0.9099 high. If there is a downside break below the channel support, there is a risk of a fresh decline below the 0.9050 support.

The next major support is near the 0.9030 level, below which the pair could test 0.9000. On the upside, the 0.9100 level is a key hurdle for the bulls.

A clear break above the 0.9100 level might lead the pair above the 0.9120 resistance. The next key resistance is near the 0.9150 level, where the bears might take a stand.

Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.

* FXOpen International, Innovative Broker of 2022, according to the IAFT

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

EUR/USD, GBP/USD, and USD/JPY Analysis: US Dollar Growing Against Euro and Pound Market Analysis: The USD/CAD Rate Drops to Its Minimum of 2 Months Market Analysis: AUD/USD Trims Gains While NZD/USD Extends Increase European Currencies at Strategic Levels EUR/USD, GBP/USD, USD/JPY Analysis: US Dollar Falls to Its Lowest Level Since Mid-August

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: EUROPEAN CURRENCIES, US GDP NEWS, OPEC+, NATURAL GAS PRICES

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  -FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. European Currencies at Strategic

Forex Analysis

EUR/USD, GBP/USD, and USD/JPY Analysis: US Dollar Growing Against Euro and Pound

The US personal consumer spending price index rose 3% in October from a year earlier, down from the three-month rate of 3.4%, although still above the Fed's 2% target, raising the possibility of an early rate cut. Jobless claims

Indices

Market Analysis: UK100 Shows Bullish Signs

On the morning of Friday, December 1, the UK stock market index rose to its November highs. This was facilitated by the fundamental background: → among the UK100 growth leaders are shares of companies mining ore and other resources. As metal

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.