EUR/USD Remains In Downtrend While USD/CHF Is Rising

EUR/USD Remains In Downtrend While USD/CHF Is Rising

EUR/USD is under pressure and showing bearish signs below the 1.0880 resistance area. Conversely, USD/CHF is likely to continue higher above the 0.9720 resistance.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro remained in a bearish zone below the 1.0900 pivot level against the US Dollar.
  • There is a major bearish trend line forming with resistance near 1.0865 on the hourly chart of EUR/USD.
  • USD/CHF is currently following a bullish path and trading nicely above the 0.9650 support.
  • There is a crucial bullish trend line forming with support near 0.9680 on the hourly chart.

EUR/USD Technical Analysis

In the past few days, the Euro declined steadily from well above the 1.0950 level against the US Dollar. The EUR/USD pair broke the key 1.0900 pivot level to move into a bearish zone.

Moreover, there was a break below the 1.0880 support and the 50 hourly simple moving average. The pair traded as low as 1.0816 on FXOpen and it is currently attempting a decent recovery.

EUR/USD Technical Analysis Euro US Dollar

The pair recovered above 1.0850, but the 1.0880 level is acting as a resistance. Besides, there is a major bearish trend line forming with resistance near 1.0865 on the hourly chart of EUR/USD.

It is currently declining and testing the 50% Fib retracement level of the recent upward move from the 1.0816 low to 1.0880 high. If the pair fails to stay above 1.0850, it could extend its decline.

The next key support is near the 1.0830 level since it is close to the 76.4% Fib retracement level of the recent upward move from the 1.0816 low to 1.0880 high. Any further losses could open the doors for more losses towards the 1.0800 level.

On the upside, the 1.0865 level is a major barrier, followed by 1.0880. To move into a positive zone, EUR/USD must gain momentum above 1.0880 and then settle above the 1.0900 pivot level in the near term.

USD/CHF Technical Analysis

The US Dollar started a steady rise from the 0.9600 support area against the Swiss franc. The USD/CHF pair surpassed the 0.9650 resistance level to move into a bullish zone.

Besides, there was a proper close above the 0.9680 level and the 50 hourly simple moving average. Finally, it broke the 0.9700 area and tested the 0.9720 resistance area. A high is formed near 0.9726 and the pair corrected lower.

USD/CHF Technical Analysis US Dollar Swiss Franc

It tested the 0.9670 level and it is currently rising. There was a break above the 50% Fib retracement level of the recent decline from the 0.9726 high to 0.9669 low. However, the pair seems to be struggling near the 0.9700 region.

Besides, the 61.8% Fib retracement level of the recent decline from the 0.9726 high to 0.9669 low is also acting as a resistance. Therefore, the pair must settle above 0.9705 to continue higher.

The main hurdle is still near the 0.9720 level, above which the bulls are likely to aim more upsides towards the 0.9750 and 0.9760 levels.

On the downside, there is a strong support forming near the 0.9685 level and the 50 hourly simple moving average. There is also a crucial bullish trend line forming with support near 0.9680 on the hourly chart.

Overall, USD/CHF remains well supported near 0.9680 and it is likely to continue higher above 0.9720 in the near term.

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Aayush Jindal
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