EUR/USD Remains In Downtrend While USD/CHF Is Rising

FXOpen

EUR/USD is under pressure and showing bearish signs below the 1.0880 resistance area. Conversely, USD/CHF is likely to continue higher above the 0.9720 resistance.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro remained in a bearish zone below the 1.0900 pivot level against the US Dollar.
  • There is a major bearish trend line forming with resistance near 1.0865 on the hourly chart of EUR/USD.
  • USD/CHF is currently following a bullish path and trading nicely above the 0.9650 support.
  • There is a crucial bullish trend line forming with support near 0.9680 on the hourly chart.

EUR/USD Technical Analysis

In the past few days, the Euro declined steadily from well above the 1.0950 level against the US Dollar. The EUR/USD pair broke the key 1.0900 pivot level to move into a bearish zone.

Moreover, there was a break below the 1.0880 support and the 50 hourly simple moving average. The pair traded as low as 1.0816 on FXOpen and it is currently attempting a decent recovery.

EUR/USD Technical Analysis Euro US Dollar

The pair recovered above 1.0850, but the 1.0880 level is acting as a resistance. Besides, there is a major bearish trend line forming with resistance near 1.0865 on the hourly chart of EUR/USD.

It is currently declining and testing the 50% Fib retracement level of the recent upward move from the 1.0816 low to 1.0880 high. If the pair fails to stay above 1.0850, it could extend its decline.

The next key support is near the 1.0830 level since it is close to the 76.4% Fib retracement level of the recent upward move from the 1.0816 low to 1.0880 high. Any further losses could open the doors for more losses towards the 1.0800 level.

On the upside, the 1.0865 level is a major barrier, followed by 1.0880. To move into a positive zone, EUR/USD must gain momentum above 1.0880 and then settle above the 1.0900 pivot level in the near term.

USD/CHF Technical Analysis

The US Dollar started a steady rise from the 0.9600 support area against the Swiss franc. The USD/CHF pair surpassed the 0.9650 resistance level to move into a bullish zone.

Besides, there was a proper close above the 0.9680 level and the 50 hourly simple moving average. Finally, it broke the 0.9700 area and tested the 0.9720 resistance area. A high is formed near 0.9726 and the pair corrected lower.

USD/CHF Technical Analysis US Dollar Swiss Franc

It tested the 0.9670 level and it is currently rising. There was a break above the 50% Fib retracement level of the recent decline from the 0.9726 high to 0.9669 low. However, the pair seems to be struggling near the 0.9700 region.

Besides, the 61.8% Fib retracement level of the recent decline from the 0.9726 high to 0.9669 low is also acting as a resistance. Therefore, the pair must settle above 0.9705 to continue higher.

The main hurdle is still near the 0.9720 level, above which the bulls are likely to aim more upsides towards the 0.9750 and 0.9760 levels.

On the downside, there is a strong support forming near the 0.9685 level and the 50 hourly simple moving average. There is also a crucial bullish trend line forming with support near 0.9680 on the hourly chart.

Overall, USD/CHF remains well supported near 0.9680 and it is likely to continue higher above 0.9720 in the near term.

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

Commodity Currencies Retreat from Local Highs Market Analysis: AUD/USD and NZD/USD Set Sights on Additional Upside The US Dollar Is Weakening Following Inflation Data Dollar Adjusts After the Publication of Inflation Data in the US Market Analysis: EUR/USD Sees Green as USD/JPY Gains Bullish Traction

Latest articles

Indices

Tech Stocks Back in Vogue as Nasdaq 100 Rallies to Record High

The tech-heavy Nasdaq 100 index (US Tech 100 mini on FXOpen’s TickTrader platform) reached a new all-time high on Monday, closing the trading session at 18,684.2 according to FXOpen pricing, fueled by renewed investor enthusiasm for technology

Commodities

Gold Price Reaches Historic High

According to confirmed information, Iranian President Ebrahim Raisi, considered a potential successor to the country's supreme leader, Ayatollah Ali Khamenei, died in a helicopter crash in a mountainous area near the border with Azerbaijan. The helicopter also carried Foreign Minister

Forex Analysis

Commodity Currencies Retreat from Local Highs

Despite the cooling labour market in the US and declining inflation, the American currency continues to move towards new highs. For instance, the USD/JPY currency pair might update the current month's high at 156.70, the NZD/USD sharply

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.