EUR/USD Struggle Continues, USD/CHF Shows Positive Signs

FXOpen

EUR/USD is facing resistance near the 1.1350 and 1.1360 levels. USD/CHF is rising, but struggling to clear the 0.9225 resistance zone.

Important Takeaways for EUR/USD and USD/CHF

· The Euro started an upside correction above the 1.1320 resistance zone against the US Dollar.

· There is a major bearish trend line with resistance near 1.1350 on the hourly chart of EUR/USD.

· USD/CHF gained pace after it cleared the 0.9200 resistance zone.

· There was a break above a key bearish trend line with resistance near 0.9192 on the hourly chart.

EUR/USD Technical Analysis

The Euro attempted an upside break above the 1.1400 level against the US Dollar. However, the EUR/USD pair failed to surpass 1.1400 and started a fresh decline.

The recent high was formed near 1.1366 on FXOpen before the pair dipped. There was a move below the 1.1340 level. The pair even declined below the 50% Fib retracement level of the upward move from the 1.1286 swing low to 1.1366 high.

EUR/USD Hourly Chart

It is now trading below the 1.1335 level and the 50 hourly simple moving average. On the downside, an immediate support is near the 1.1320 level.

The 61.8% Fib retracement level of the upward move from the 1.1286 swing low to 1.1366 high is also near the 1.1320 zone. The next major support is near the 1.1285 level. A downside break below the 1.1285 support could start another decline.

On the upside, an initial resistance is near the 1.1340 level. The next major resistance is near the 1.1350 zone. There is also a major bearish trend line with resistance near 1.1350 on the hourly chart of EUR/USD.

A clear upside break above the 1.1350 zone could open the doors for a steady move. The next major resistance sits near the 1.1400 level.

USD/CHF Technical Analysis

The US Dollar started a fresh increase after it formed a base above the 0.9150 level against the Swiss franc. The USD/CHF pair surpassed the 0.9180 resistance zone to move into a bullish region.

There was a clear move above the 0.9200 resistance and the 50 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near 0.9192 on the hourly chart. The pair even spiked above the 50% Fib retracement level of the key decline from the 0.9273 swing high to 0.9150 low.

USD/CHF Hourly Chart

It is now facing resistance near the 0.9225 level. The 61.8% Fib retracement level of the key decline from the 0.9273 swing high to 0.9150 low is also near 0.9225.

If there is a clear break above the 0.9225 resistance zone, the pair could start another increase. The next major resistance is near the 0.9270. Any more gains could send the pair towards the 0.9300 level in the near term.

On the downside, the pair might find bids near the 0.9200 level. The main support is now forming near the 0.9180 level and the 50 hourly simple moving average.

Any more losses may possibly open the doors for a move towards the 0.9150 level. The next major support below 0.9150 is near the 0.9100.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.

* FXOpen International, Innovative Broker of 2022, according to the IAFT

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

Will Stagflation Persist in the UK? EUR/GBP Volatility May Be an Indicator Market Analysis: Commodity Currencies Find Short-term Bottom USD/CAD Analysis: How the Bank of Canada Decision Affected the National Currency Commodity Currencies, Pound and Euro in Search of Medium-term Bottom Market Analysis: The US Dollar Strengthens to a Maximum of Six Months

Latest articles

Commodities

Oil Analysis: Finally, A Bearish Reversal?

The policy of OPEC+ countries to voluntarily reduce oil production was one of the drivers thanks to which the price of WTI oil increased by approximately 40% from its low in June. In such cases, it is appropriate to use

Commodities

Central Bank Week Shakes Up Gold Market

Yesterday, the main event of the week took place — the Federal Reserve meeting, which had a noticeable impact on the market of assets denominated in US dollars. But besides the Fed meeting, there are a number of other events this

Forex Analysis

Will Stagflation Persist in the UK? EUR/GBP Volatility May Be an Indicator

In recent years, the United Kingdom has found itself mired in a sea of economic uncertainty, prompting widespread speculation about the dreaded 'R-word'—recession. While the nation has navigated a prolonged cost-of-living crisis marked by noticeable spikes in everyday expenses,

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.