EUR/USD started a fresh increase above the 1.1000 resistance. USD/CHF declined and now struggling below the 0.8600 resistance.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro surged after it broke the 1.0950 resistance against the US Dollar.
- There is a connecting bullish trend line forming with support near 1.1090 on the hourly chart of EUR/USD at FXOpen.
- Â USD/CHF declined below the 0.8635 and 0.8600 support levels.
- There is a major bearish trend line forming with resistance near 0.8575 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0950 zone. The Euro cleared the 1.1000 resistance to move into a bullish zone against the US Dollar.
The bulls pushed the pair above the 50-hour simple moving average and 1.1050. Finally, the pair tested the 1.1130 resistance. A high was formed near 1.1132 and the pair is now consolidating gains above the 23.6% Fib retracement level of the upward wave from the 1.0798 swing low to the 1.1132 high.
Immediate support on the downside is near a connecting bullish trend line at 1.1090. The next major support is the 50% Fib retracement level of the upward wave from the 1.0798 swing low to the 1.1132 high at 1.1050.
A downside break below the 1.1050 support could send the pair toward the 1.1000 level. Any more losses might send the pair into a bearish zone toward 1.0950.
Immediate resistance on the EUR/USD chart is near the 1.1130 zone. The first major resistance is near the 1.1150 level. An upside break above the 1.1150 level might send the pair toward the 1.1200 resistance.
The next major resistance is near the 1.1220 level. Any more gains might open the doors for a move toward the 1.1250 level.
Read analytical EUR/USD price forecasts for 2024 and beyond.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a fresh decline from well above the 0.8700 zone. The US Dollar dropped below the 0.8635 support to move into a negative zone against the Swiss Franc.
The bears pushed the pair below the 50-hour simple moving average and 0.8600. Finally, the bulls appeared near the 0.8520 level. A low was formed near 0.8520 and the pair is now consolidating losses.
On the upside, the pair could face resistance near the 23.6% Fib retracement level of the downward move from the 0.8748 swing high to the 0.8520 low at 0.8575. There is also a major bearish trend line forming with resistance near 0.8575.
The next major resistance is near the 50% Fib retracement level of the downward move from the 0.8748 swing high to the 0.8520 low at 0.8635.
If there is a clear break above the 0.8635 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.8695.
On the downside, immediate support on the USD/CHF chart is 0.8520. The first major support is near the 0.8500 level. The next major support is near 0.8480. Any more losses may possibly open the doors for a move toward the 0.8450 level in the coming days.
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