EUR/USD is attempting a recovery wave from the 1.0675 zone. USD/CHF climbed higher above 0.8900 and might extend gains in the near term.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro declined toward 1.0675 before it started a recovery wave against the US Dollar.
- There is a key bullish trend line forming with support at 1.0710 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF climbed higher above the 0.8900 and 0.8935 resistance levels.
- There is a connecting bullish trend line forming with support at 0.8930 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair extended the decline below the 1.0720 support zone. The Euro even declined below 1.0700 before the bulls appeared against the US Dollar, as mentioned in the previous analysis.
The pair tested the 1.0675 zone and recently started a recovery wave. There was a move above the 1.0710 resistance zone, but the bears were active near 1.0745. As a result, there was another pullback to 1.0690 and the pair is now consolidating below the 50-hour simple moving average.
Immediate resistance on the EUR/USD chart is near the 1.0718 zone. It is close to the 50% Fib retracement level of the downward move from the 1.0744 swing high to the 1.0690 low.
The first major resistance is near the 1.0725 level or the 61.8% Fib retracement level of the downward move from the 1.0744 swing high to the 1.0690 low. An upside break above the 1.0725 level might send the pair toward the 1.0745 resistance.
The next major resistance is near the 1.0780 level. Any more gains might open the doors for a move toward the 1.0820 level. Immediate support on the downside sits at 1.0710.
There is also a key bullish trend line forming with support at 1.0710. The next major support is the 1.0695 zone. A downside break below the 1.0695 support could send the pair toward the 1.0675 level. Any more losses might send the pair to 1.0650.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from the 0.8830 support. The US Dollar climbed above the 0.8900 resistance zone against the Swiss Franc.
The bulls were able to pump the pair above the 50-hour simple moving average and 0.8935. Finally, the pair tested the 0.89550 zone. A high was formed near 0.8956 and the pair is now consolidating gains. The pair tested the 23.6% Fib retracement level of the upward move from the 0.8913 swing low to the 0.8956 high.
On the downside, immediate support on the USD/CHF chart is near the 0.8945 zone. The first major support is near the 61.8% Fib retracement level of the upward move from the 0.8913 swing low to the 0.8956 high at 0.8930.
There is also a connecting bullish trend line forming with support at 0.8930. A downside break below 0.8930 might spark bearish moves. The next major support is 0.8915.
Any more losses may possibly open the doors for a move toward the 0.8850 level in the near term. On the upside, the pair is now facing resistance near 0.8955. The next major resistance is at 0.8980. The main resistance is now near 0.9000. If there is a clear break above the 0.9000 resistance zone and the RSI climbs above 70, the pair could start another increase. In the stated case, it could test 0.9080.
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