EUR/USD is trading above the 1.1180 support level and facing hurdles near 1.1250. USD/CHF is trading in a negative zone and it could continue to move down below 0.9450
Important Takeaways for EUR/USD and USD/CHF
- The Euro is slowly moving higher and trading nicely above 1.1200 against the US Dollar.
- There is a key bearish trend line forming with resistance near 1.1255 on the hourly chart of EUR/USD.
- USD/CHF declined recently after it failed to settle above the 0.9520 resistance zone.
- There is a connecting bullish trend line forming with support near 0.9455 on the hourly chart.
EUR/USD Technical Analysis
In the past few days, the Euro tested the 1.1180 support region on more than one occasion against the US Dollar. The EUR/USD pair remained stable above 1.1180 and recently recovered higher.
A low was formed near 1.1191 on FXOpen before the pair climbed above 1.1220. There was a break above the 50% Fib retracement level of the downward move from the 1.1287 high to 1.1191 low.
However, the pair seems to be struggling near the 1.1240 level the 50 hourly simple moving average. There is also a key bearish trend line forming with resistance near 1.1255 on the hourly chart of EUR/USD.
The trend line coincides with the 61.8% Fib retracement level of the downward move from the 1.1287 high to 1.1191 low. Therefore, the pair must break the 1.1250 and 1.1255 resistance levels to start a fresh increase.
If the bulls succeed, the pair could continue to rise towards the 1.1280 and 1.1300 levels. Conversely, there is a risk of another decline below the 1.1220 support. The main support is near the 1.1180 level.
A downside break and close below the 1.1180 support region could start a strong decline and the pair might slide towards the 1.1120 and 1.1100 levels in the near term.
USD/CHF Technical Analysis
The US Dollar made another attempt to clear the 0.9525 and 0.9530 resistance levels against the Swiss franc. However, the USD/CHF pair failed and it declined sharply below the 0.9500 support.
There was a break below the 0.9480 pivot level and the 50 hourly simple moving average. A low is formed near 0.9461 and the pair is currently consolidating losses. An immediate resistance is near the 0.9474 level.
It is close to the 23.6% Fib retracement level of the recent decline from the 0.9532 high to 0.9461 low. The next key resistance could be 0.9488 and the 50 hourly simple moving average.
The main resistance is seen near the 0.9500 level since it is close to the 50% Fib retracement level of the recent decline from the 0.9532 high to 0.9461 low. A successful close above the 0.9500 resistance zone could open the doors for a larger upward move towards 0.9525 or 0.9530.
On the downside, an initial support is near the 0.9460 level. The main support is near the 0.9450 level. There is also a connecting bullish trend line forming with support near 0.9455 on the hourly chart.
If USD/CHF breaks the trend line support and settles below 0.9450, there is a risk of a sharp decline. The next support could be 0.9435, below which the pair might revisit 0.9400.
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