EUR/USD Struggling While USD/CHF Is Approaching Support

FXOpen

EUR/USD declined to a new multi-month low at 1.0926 and is currently correcting higher. USD/CHF is currently correcting gains, but it is approaching a few key supports near 0.9840.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro is correcting higher after trading to a new multi-month low at 1.0926 against the US Dollar.
  • There is a major bearish trend line forming with resistance near 1.0985 on the hourly chart of EUR/USD.
  • USD/CHF started a downside correction after trading as high as 0.9928.
  • There was a break below a key bullish trend line with support near 0.9890 on the hourly chart.

EUR/USD Technical Analysis

In the past few weeks, the Euro remained in a bearish zone and declined steadily below the 1.1100 support against the US Dollar. The EUR/USD pair even broke the 1.1000 support to move further into a bearish zone.

The recent decline was such that the pair traded to a new multi-month low at 1.0926 on FXOpen. It is currently correcting higher and is trading above the 1.0950 level.

EUR/USD Technical Analysis Euro Dollar Chart

There was a break above the 23.6% Fib retracement level of the last drop from the 1.1049 high to 1.0926 low. At the moment, the pair is trading above the 1.0960 level and the 50 hourly simple moving average.

However, there are many hurdles on the upside for the bulls near the 1.0980 and 1.0990 levels. Moreover, there is a major bearish trend line forming with resistance near 1.0985 on the hourly chart of EUR/USD.

The trend line also coincides with the 50% Fib retracement level of the last drop from the 1.1049 high to 1.0926 low. If there is an upside break above the trend line and 1.1000, the pair could start a decent recovery in the near term.

On the downside, an initial support is near the 1.0950 level and the 50 hourly SMA. If EUR/USD fails to stay above the 1.0950 support, there are chances of more downsides towards 1.0925 and 1.0900 in the near term.

USD/CHF Technical Analysis

The US Dollar followed a nice bullish path from the 0.9740 support area against the Swiss franc. The USD/CHF pair broke the 0.9780 and 0.9800 resistance levels to move into a bullish zone.

Later, it gained strength above the 0.9850 and 0.9880 levels. Moreover, there was a break above the 0.9900 level and the 50 hourly simple moving average. It traded as high as 0.9928 and recently started a downside correction.

USD/CHF Technical Analysis US Dollar Chart

There was a break below the 0.9900 support and the 50 hourly simple moving average. Moreover, the pair traded below a key bullish trend line with support near 0.9890 on the hourly chart.

It is now trading near the 0.9860 support level and the 50% Fib retracement level of the upward move from the 0.9801 low to 0.9928 high. On the downside, there are many supports near the 0.9840 and 0.9820 levels.

Additionally, the 61.8% Fib retracement level of the upward move from the 0.9801 low to 0.9928 high is also near the 0.9849 to act as a support. Therefore, as long as the pair is trading above 0.9840, it is likely to bounce back.

On the upside, the key resistance is near the 0.9900 level and the 50 hourly SMA. A successful close above 0.9900 might push USD/CHF towards the 0.9940 and 0.9950 levels.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News GBP/USD Price Falls to 1.26 after Bank of England Decision Market Analysis: AUD/USD and NZD/USD Signal More Losses

Latest articles

What Is a Megaphone Pattern and How Can You Trade It?
Trader’s Tools

What Is a Megaphone Pattern and How Can You Trade It?

Chart patterns have been used to analyse financial markets for a long time. One popular formation in forex and other markets is the Megaphone. In this text by FXOpen, we'll explain what the setup is and how to trade using

Indices

NIKKEI-225 Analysis Indicates Possibility of Correction from Historically High Levels

On March 21, the value of the Japanese stock index reached a historical maximum, exceeding the level of 41,100 points. This was facilitated by:

→ Weak yen supporting exporters. It increases the value of profits earned abroad for a large

Forex Analysis

Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace

GBP/USD declined below the 1.2665 support zone. USD/CAD is rising and might aim for more gains above the 1.3610 resistance.

Important Takeaways for GBP/USD and USD/CAD Analysis Today

· The British Pound started a fresh

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.