EUR/USD Diving While USD/CHF Is Showing Positive Signs

FXOpen

EUR/USD failed to continue above the 1.1100 resistance area and decline recently below 1.1070. Conversely. USD/CHF is climbing higher and showing positive signs above 0.9680.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro topped near the 1.1095 level and declined recently against the US Dollar.
  • There was a break below a key bullish trend line with support at 1.1052 on the hourly chart of EUR/USD.
  • USD/CHF is rising steadily above the 0.9650 and 0.9660 levels.
  • There is a major ascending channel forming with support near the 0.9692 level on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro started a decent recovery above the 1.1040 resistance area against the US Dollar. The EUR/USD pair even broke the 1.1080 resistance area, but it struggled to climb above the 1.1100 resistance area.

A high was formed near 1.1095 on FXOpen and the pair started a fresh decline. It broke the 1.1080 and 1.1070 levels to move into a bearish zone.

EUR/USD Technical Analysis Euro US Dollar

Moreover, there was a close below the 1.1050 level and the 50 hourly simple moving average. The pair even traded below the 50% Fib retracement level of the upward move from the 1.0992 low to 1.1095 high.

During the decline, there was a break below a key bullish trend line with support at 1.1052 on the hourly chart of EUR/USD. The pair is now trading near the 1.1030-1.1035 support area.

Besides, the 61.8% Fib retracement level of the upward move from the 1.0992 low to 1.1095 high is also near the 1.1035 level. If there is a downside break below the 1.1035 level, there are chances of a strong decline.

The next major support is near the 1.1015 level, below which the bears are likely to aim a test of 1.1000. On the upside, the 1.1045 level is an initial resistance. The main resistance for EUR/USD is now near the 1.1055 level and the 50 hourly simple moving average.

USD/CHF Technical Analysis

The US Dollar found support near the 0.9630 level and started a fresh increase against the Swiss franc. The USD/CHF pair broke the 0.9650 and 0.9660 resistance levels to move back into a bullish zone.

Moreover, there was a break above a connecting bearish trend line at 0.9660 on the hourly chart. The pair even settled above the 0.9680 level and the 50 hourly simple moving average.

USD/CHF Technical Analysis US Dollar Swiss Franc

It opened the doors for more gains above the 38.2% Fib retracement level of the last decline from the 0.9766 high to 0.9628 low. At the outset, the pair is following a major ascending channel with support near the 0.9692 level on the same chart.

An immediate resistance is near the 0.9700 level, plus the 50% Fib retracement level of the last decline from the 0.9766 high to 0.9628 low.

The main hurdle is near the 0.9715 level, above which there are chances of a strong rise in the near term. In the mentioned case, the pair could even test the 0.9750 level.

On the downside, there are many supports near 0.9680 and 0.9660. If the USD/CHF pair fails to stay above the 0.9660 support, there is a risk of a drop towards the 0.9625 level. The next key support is near the 0.9600 area.

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

Market Analysis: Dollar Falls from 10-month High Market Analysis: US Currency Continues to Grow Ahead of GDP Data Release Market Analysis: Gold and Commodity Currencies Resume Their Decline Market Analysis: EUR/USD Takes Hit While USD/CHF Surges Market Analysis: The Yen and European Currencies Headed to New Lows

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: Inflation, EUR/USD, S&P 500, OIL

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. Inflation Still Dogs the

Forex Analysis

Market Analysis: Dollar Falls from 10-month High

EUR/USDThe euro rose on Thursday as the dollar retreated since investors remained cautious ahead of key inflation figures due on Friday. Data on Thursday showed the US economy maintained fairly strong growth in Q2, with an unrevised annual rate

Indices

US 30 Analysis: Dow Jones Finds Support

September is likely to be the second month in a row that the Dow Jones (US 30) stock market index declined. The last time this happened was... also in September, a year ago. Important economic data was published yesterday: → According

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.