EUR/USD Eyes Gains As USD/CHF Weakness Deepens Again

EUR/USD started a fresh increase above 1.1700 and 1.1720. USD/CHF declined further and is now struggling below 0.7835.

Important Takeaways for EUR/USD and USD/CHF Analysis Today

· The Euro started a decent increase from 1.1650 against the US Dollar.

· There was a break above a bearish trend line with resistance at 1.1685 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF declined below the 0.7865 and 0.7850 support levels.

· There was a break below a bullish trend line with support at 0.7910 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.1650 zone. The Euro cleared the 1.1700 barrier to move into a bullish zone against the US Dollar.

There was a break above a bearish trend line with resistance at 1.1685. The bulls pushed the pair above the 50-hour simple moving average and 1.1720. Finally, the pair cleared 1.1735. A high was formed near 1.1740 and the pair is now consolidating gains.

An Immediate bid zone on the downside is near the 23.6% Fib retracement level of the upward wave from the 1.1655 swing low to the 1.1740 high at 1.1720.

The next area of interest could be near 1.1700, the 50% Fib retracement level, and the 50-hour simple moving average. A downside break below 1.1700 might send the pair toward 1.1675. Any more losses might send the pair into a bearish zone toward 1.1650.

If there is a fresh increase, an immediate hurdle on the EUR/USD chart is 1.1750. The first major pivot level for the bulls could be 1.1755. An upside break above 1.1755 might send the pair to 1.1800. The next selling zone could be 1.1850. Any more gains might open the doors for a move toward 1.1920.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a fresh decline from well above 0.7900. The US Dollar dropped below 0.7880 to move into a negative zone against the Swiss Franc.

There was a break below a bullish trend line with support at 0.7910. The bears pushed the pair below the 50-hour simple moving average and 0.7850. Finally, the bulls appeared near 0.7800. A low was formed near 0.7805, and the pair is now consolidating losses.

On the upside, the pair could face bears near the 23.6% Fib retracement level of the downward move from the 0.7925 swing high to the 0.7805 low at 0.7835.

The first major resistance sits near the 50% Fib retracement level at 0.7865. The main barrier for an upside break could be near the 50-hour simple moving average at 0.7880. A daily close above 0.7880 could start a fresh increase. In the stated case, the pair could rise toward 0.7925. The next stop for the bulls might be 0.7965.

On the downside, immediate support on the USD/CHF chart is 0.7805. The first major breakdown zone could be 0.7780. A close below 0.7780 might send the pair to 0.7750. Any more losses may possibly open the doors for a move toward 0.7700 in the coming days.

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