EUR/USD Eyes Upside Break, USD/CHF Could Extend Losses

FXOpen

EUR/USD is trading above the 1.1180 support level and facing hurdles near 1.1250. USD/CHF is trading in a negative zone and it could continue to move down below 0.9450

Important Takeaways for EUR/USD and USD/CHF

  • The Euro is slowly moving higher and trading nicely above 1.1200 against the US Dollar.
  • There is a key bearish trend line forming with resistance near 1.1255 on the hourly chart of EUR/USD.
  • USD/CHF declined recently after it failed to settle above the 0.9520 resistance zone.
  • There is a connecting bullish trend line forming with support near 0.9455 on the hourly chart.

EUR/USD Technical Analysis

In the past few days, the Euro tested the 1.1180 support region on more than one occasion against the US Dollar. The EUR/USD pair remained stable above 1.1180 and recently recovered higher.

A low was formed near 1.1191 on FXOpen before the pair climbed above 1.1220. There was a break above the 50% Fib retracement level of the downward move from the 1.1287 high to 1.1191 low.

EUR/USD Technical Analysis Euro US Dollar

However, the pair seems to be struggling near the 1.1240 level the 50 hourly simple moving average. There is also a key bearish trend line forming with resistance near 1.1255 on the hourly chart of EUR/USD.

The trend line coincides with the 61.8% Fib retracement level of the downward move from the 1.1287 high to 1.1191 low. Therefore, the pair must break the 1.1250 and 1.1255 resistance levels to start a fresh increase.

If the bulls succeed, the pair could continue to rise towards the 1.1280 and 1.1300 levels. Conversely, there is a risk of another decline below the 1.1220 support. The main support is near the 1.1180 level.

A downside break and close below the 1.1180 support region could start a strong decline and the pair might slide towards the 1.1120 and 1.1100 levels in the near term.

USD/CHF Technical Analysis

The US Dollar made another attempt to clear the 0.9525 and 0.9530 resistance levels against the Swiss franc. However, the USD/CHF pair failed and it declined sharply below the 0.9500 support.

There was a break below the 0.9480 pivot level and the 50 hourly simple moving average. A low is formed near 0.9461 and the pair is currently consolidating losses. An immediate resistance is near the 0.9474 level.

USD/CHF Technical Analysis Dollar Swiss Franc

It is close to the 23.6% Fib retracement level of the recent decline from the 0.9532 high to 0.9461 low. The next key resistance could be 0.9488 and the 50 hourly simple moving average.

The main resistance is seen near the 0.9500 level since it is close to the 50% Fib retracement level of the recent decline from the 0.9532 high to 0.9461 low. A successful close above the 0.9500 resistance zone could open the doors for a larger upward move towards 0.9525 or 0.9530.

On the downside, an initial support is near the 0.9460 level. The main support is near the 0.9450 level. There is also a connecting bullish trend line forming with support near 0.9455 on the hourly chart.

If USD/CHF breaks the trend line support and settles below 0.9450, there is a risk of a sharp decline. The next support could be 0.9435, below which the pair might revisit 0.9400.

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

USD/JPY Technical Analysis: Yen Strengthens after Comments from Japanese Officials The American Currency Resumes Its Growth Australian Dollar Weakens amid Inflation News Exchange Rates Consolidate at the Beginning of the Week The US Continues to Trump the Euro Economy on Key Metrics, But What Is Next?

Latest articles

Forex Analysis

USD/JPY Technical Analysis: Yen Strengthens after Comments from Japanese Officials

This week has raised alarm bells for USD/JPY market participants who are trading the bullish momentum that has been going on since early 2024 (shown in the blue curved lines on the USD/JPY chart): → Vice Finance Minister Masato

Forex Analysis

The American Currency Resumes Its Growth

The American currency, despite a rather multidirectional fundamental data, resumes growth at the end of February. In the main currency pairs, one can observe both rebounds from key levels and continuation of the main trends. Thus, the USD/CAD pair

Cryptocurrencies

BTC/USD Price Exceeds $60,000 Per Coin

Several factors contributed to this: → Effect associated with the approval of Bitcoin ETF. The media writes that investments in these financial instruments amount to about 9k bitcoins per day, and miners produce only 900 bitcoins per day. The total investment

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. 65.68% 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.