EUR/USD is struggling to climb above the 0.9920 resistance zone. USD/CHF is consolidating gains above the 0.9950 support zone.
Important Takeaways for EUR/USD and USD/CHF
· The Euro started a fresh decline and traded below the 0.9950 zone against the US Dollar.
· There is a major bearish trend line forming with resistance near 0.9905 on the hourly chart of EUR/USD.
· USD/CHF started a fresh increase after it was able to clear the 0.9920 resistance.
· There is a key bullish trend line forming with support near 0.9950 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro saw a major decline below the 0.9980 support against the US Dollar. The EUR/USD pair declined below the 0.9920 support level to move into a bearish zone.
The pair even tested the 0.9850 support zone. It is now forming a base above the 0.9850 level and is currently consolidating losses from the 0.9852 low formed on FXOpen. There was a minor recovery wave above the 0.9880 level.
The pair climbed above the 23.6% Fib retracement level of the downward move from the 0.9954 swing high to 0.9852 low. An immediate resistance is near the 0.9900 level and the 50 hourly simple moving average.
There is also a major bearish trend line forming with resistance near 0.9905 on the hourly chart of EUR/USD. It is near the 50% Fib retracement level of the downward move from the 0.9954 swing high to 0.9852 low.
The next major resistance is near the 0.9920 level. A clear move above the 0.9920 resistance zone could set the pace for a larger increase towards 1.0000. The next major resistance is near the 1.0050 zone.
On the downside, an immediate support is near the 0.9865 level. The next major support is near the 0.9850 level. A downside break below the 0.9850 support could start another decline.
USD/CHF Technical Analysis
The US Dollar formed a support base near the 0.9850 and started a fresh increase against the Swiss franc. The USD/CHF pair traded above the 0.9920 level to move into a positive zone.
The pair even climbed above the 0.9950 level and the 50 hourly simple moving average. The pair climbed as high as 1.0032 before there was a drop to 0.9915. It is now rising and trading above the 0.9950 resistance.
There was above the 50% Fib retracement level of the downward move from the 1.0032 swing high to 0.9914 low. The pair is now consolidating near 0.9980. On the downside, an immediate support is near the 0.9970 level.
There is also a major bullish trend line forming with support near 0.9950 on the hourly chart. Any more losses may possibly open the doors for a move towards the 0.9865 level.
If not, the pair might rise again. An immediate resistance is near the 1.0000 level or the 76.4% Fib retracement level of the downward move from the 1.0032 swing high to 0.9914 low.
The next major resistance is near the 1.0030 level. If there is a clear break above the 1.0030 resistance zone, the pair could start another increase. In the stated case, it could test 1.0100.
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.
Trade global forex with the best ECN broker of 2021*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about making your money go further with FXOpen.
* FXOpen International, best ECN broker of 2021, according to the IAFT
