EUR/USD Dives, USD/CHF Likely To Continue Higher

FXOpen

EUR/USD started a fresh decline below the 1.1800 and 1.1780 support levels. USD/CHF is rising and it is likely to continue higher above 0.9450.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro started a fresh drop below the 1.1850 and 1.1800 support levels against the US Dollar.
  • There is a major bearish trend line forming with resistance near 1.1755 on the hourly chart of EUR/USD.
  • USD/CHF is trading in a bullish zone above the 0.9350 resistance zone.
  • There is a key ascending channel forming with support near 0.9405 on the hourly chart.

EUR/USD Technical Analysis

The Euro failed to stay above the 1.1900 zone and started a fresh decline against the US Dollar. The EUR/USD pair broke the key 1.1850 pivot zone to move into a bearish zone.

The pair even broke the 1.1820 support level and settled below the 50 hourly simple moving average. The bears were able to push the pair below 1.1800 and a low is formed near 1.1709 on FXOpen.

EUR/USD Technical Analysis Euro Dollar

It is currently showing a lot of bearish signs and it seems like there are high chances of more losses below the 1.1700 support zone. The next major support could be near the 1.1660 level, below which the pair may possibly test the 1.1620 support.

On the upside, an initial resistance is near the 1.1730 level. It is close to the 23.6% Fib retracement level of the recent decline from the 1.1804 high to 1.1709 low.

There is also a major bearish trend line forming with resistance near 1.1755 on the hourly chart of EUR/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the 1.1804 high to 1.1709 low.

The 50 hourly simple moving average is also near 1.1760. If there is a break above the trend line resistance, the pair could correct higher towards the 1.1800 zone. The next major resistance is near the 1.1850 level.

USD/CHF Technical Analysis

The US Dollar formed a strong support near the 0.9240 level and started a fresh increase against the Swiss franc. The USD/CHF pair broke many key barriers near 0.9350 to move further into a positive zone.

The pair gained pace above the 0.9400 resistance and the 50 hourly simple moving average. There was also a break above the 0.9420 resistance zone. A high was formed near 0.9438 before the pair started a downside correction.

USD/CHF Technical Analysis Dollar Swiss Franceur

USD/CHF corrected lower below the 23.6% Fib retracement level of the upward move from the 0.9374 swing low to 0.9438 high. On the downside, there is a key support forming near the 0.9405 and 0.9400 levels.

There is also a key ascending channel forming with support near 0.9405 on the hourly chart. The channel support is near the 50% Fib retracement level of the upward move from the 0.9374 swing low to 0.9438 high.

The 50 hourly simple moving average is also near the channel support and 0.9400. If there is a downside break below 0.9400, the pair could correct lower towards the 0.9350 support.

On the upside, the 0.9440 level is an initial resistance. The next key resistance is near the 0.9450 level, above which USD/CHF is likely to accelerate higher towards the 0.9500 level.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

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

Commodity Currencies Retreat from Local Highs Market Analysis: AUD/USD and NZD/USD Set Sights on Additional Upside The US Dollar Is Weakening Following Inflation Data Dollar Adjusts After the Publication of Inflation Data in the US Market Analysis: EUR/USD Sees Green as USD/JPY Gains Bullish Traction

Latest articles

Indices

Tech Stocks Back in Vogue as Nasdaq 100 Rallies to Record High

The tech-heavy Nasdaq 100 index (US Tech 100 mini on FXOpen’s TickTrader platform) reached a new all-time high on Monday, closing the trading session at 18,684.2 according to FXOpen pricing, fueled by renewed investor enthusiasm for technology

Commodities

Gold Price Reaches Historic High

According to confirmed information, Iranian President Ebrahim Raisi, considered a potential successor to the country's supreme leader, Ayatollah Ali Khamenei, died in a helicopter crash in a mountainous area near the border with Azerbaijan. The helicopter also carried Foreign Minister

Forex Analysis

Commodity Currencies Retreat from Local Highs

Despite the cooling labour market in the US and declining inflation, the American currency continues to move towards new highs. For instance, the USD/JPY currency pair might update the current month's high at 156.70, the NZD/USD sharply

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.