EUR/USD Recovering Nicely While USD/CHF Is Showing Bearish Signs

FXOpen

EUR/USD is recovering and it recently cleared the key 1.0880 and 1.0900 resistance levels. Conversely, USD/CHF is sliding, but it is approaching a major support near the 0.9690 level.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro stared a steady rise above 1.0800 and 1.0900 against the US Dollar.
  • There is a short term bullish trend line forming with support near 1.0930 on the hourly chart of EUR/USD.
  • USD/CHF is currently sliding and it is trading below the 0.9720 resistance zone.
  • There is a major declining channel forming with resistance near 0.9175 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro formed a strong support above 1.0800 and 1.0820 against the US Dollar. As a result, the EUR/USD pair started a steady rise and broke the 1.0880 resistance zone.

Moreover, there was a break above the 1.0900 resistance and the 50 hourly simple moving average. The pair traded as high as 1.0975 on FXOpen and corrected lower.

EUR/USD Technical Analysis Euro US Dollar

The recent low was formed near 1.0918 and the price is currently rising. It is trading above the 1.0925 level and testing the 50% Fib retracement level of the recent decline from the 1.0975 high to 1.0918 low.

On the upside, there is a key hurdle forming near the 1.0955 level. It is close to the 61.8% Fib retracement level of the recent decline from the 1.0975 high to 1.0918 low.

If there is a clear break above the 1.0955 resistance, the pair could rise further above the 1.0975 and 1.0980 levels. The next major hurdle is near the 1.1000 level, above which it could test 1.1040.

On the downside, there is a short term bullish trend line forming with support near 1.0930 on the hourly chart of EUR/USD. If the pair fails to stay above the trend line support, it could revisit the 1.0900 support level or the 50 hourly simple moving average.

USD/CHF Technical Analysis

The US Dollar failed to gain pace above the 0.9750 level and started a fresh decline against the Swiss franc. The USD/CHF pair broke the 0.9720 support level to move into a short term bearish zone.

Moreover, there was a break below the 0.9710 level and the pair settled below the 50 hourly simple moving average. A low is formed near 0.9694 and the pair is currently correcting higher.

USD/CHF Technical Analysis US Dollar Swiss Franc

An initial resistance is near the 0.9710 level. It is close to the 50% Fib retracement level of the recent decline from the 0.9728 high to 0.9694 low. The next key resistance is near the 0.9715 level and the 50 hourly simple moving average.

There is also a major declining channel forming with resistance near 0.9175 on the hourly chart. The channel resistance is close to the 76.4% Fib retracement level of the recent decline from the 0.9728 high to 0.9694 low.

If there is an upside break above the channel resistance and 0.9730, the pair could again rise towards the main 0.9750 resistance. The next key barrier for the bulls is seen near the 0.9800 level.

On the downside, there is a major support forming near the 0.9700 and 0.9690 levels. If there is a bearish break below the 0.9690 level, the pair could dive towards the 0.9650 level.

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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.

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