Last Updated on February 24, 2021
EUR/USD settled above 1.2100 and it is now facing hurdles near 1.2200. USD/CHF is rising and it is likely to accelerate higher above 0.9065.
Important Takeaways for EUR/USD and USD/CHF
- The Euro started a fresh increase above the 1.2100 and 1.2120 resistance levels against the US Dollar.
- There is a key bullish trend line forming with support near 1.2140 on the hourly chart of EUR/USD.
- USD/CHF started a steady increase and climbed above the 0.9000 resistance zone.
- There was a break above a major rising channel with resistance near 0.9045 on the hourly chart.
EUR/USD Technical Analysis
The Euro remained stable above the 1.2000 support and it started a fresh increase against the US Dollar. The EUR/USD pair broke the 1.2100 and 1.2120 resistance levels to move into a positive zone.
The pair even broke the 1.2150 resistance and settled above the 50 hourly simple moving average. It traded as high as 1.2179 on FXOpen and it is currently consolidating gains. It corrected below 23.6% Fib retracement level of the recent wave from the 1.2091 low to 1.2179 high.
However, the pair found a strong support near the 1.2135 level. It coincides with the 50% Fib retracement level of the recent wave from the 1.2091 low to 1.2179 high.
There is also a key bullish trend line forming with support near 1.2140 on the hourly chart of EUR/USD. The pair is now trading nicely above 1.2140 and the 50 hourly simple moving average. If there is a downside break below the trend line support, there could be a sharp decline below 1.2120.
The next key support is near the 1.2100 level, below which EUR/USD could decline towards the 1.2040 support. Conversely, the pair could rise further above 1.2180.
A successful break above the 1.2180 and 1.2200 resistance levels could lead the pair towards the 1.2250 and 1.2280 levels in the near term.
USD/CHF Technical Analysis
The US Dollar formed a strong support near the 0.8950 level and started a fresh increase against the Swiss franc. The USD/CHF pair broke many important hurdles near 0.9000 to move further into a positive zone.
It even cleared the 0.9025 resistance and settled well above the 50 hourly simple moving average. There was also a break above a major rising channel with resistance near 0.9045 on the hourly chart.
The pair traded close to the 0.9065 level and traded as high as 0.9064. It is currently consolidating gains and trading nicely above 0.9050. An initial support is near the 0.9048 level or the 23.6% Fib retracement level of the recent increase from the 0.8951 swing low to 0.9064 high.
The next major support on the downside is near the 0.9025 zone (the recent breakout zone). The 50% Fib retracement level of the recent increase from the 0.8951 swing low to 0.9064 high is also near 0.9029.
Any more losses may possibly lead the pair towards the 0.9000 support zone. On the upside, the pair is facing resistance near the 0.9065 level.
The next key resistance is near the 0.9080 level, above which USD/CHF is likely to accelerate higher above the 0.9100 level. In the stated case, the pair may possibly test the 0.9150 resistance.
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