EUR/USD Testing Key Support, USD/CHF Struggle Continues

EUR/USD Testing Key Support, USD/CHF Struggle Continues

EUR/USD faced a strong selling interest near the 1.1900 zone and recently corrected lower. USD/CHF is attempting an upside break, but it is struggling to gain momentum.

Important Takeaways for EUR/USD and USD/CHF

  • The Euro failed once again to clear the key 1.1900 resistance zone against the US Dollar.
  • There was a break below a key bullish trend line with support near 1.1885 on the hourly chart of EUR/USD.
  • USD/CHF is struggling to gain bullish momentum above the 0.9100 zone.
  • There was a break above a connecting bearish trend line with resistance near 0.9080 on the hourly chart.

EUR/USD Technical Analysis

This week, the Euro remained in a positive zone above the 1.1800 support zone against the US Dollar. The EUR/USD pair climbed above the 1.1820 resistance and even settled above the 1.1850 level.

However, the pair failed once again to clear the key 1.1900 resistance zone. A high is formed near 1.1900 on FXOpen and the pair recently declined sharply. There was a break below a key bullish trend line with support near 1.1885 on the hourly chart of EUR/USD.

EUR/USD Technical Analysis Euro Dollar

Moreover, there was a break below the 1.1850 support and the 50 hourly simple moving average. It traded as low as 1.1828 and it is currently correcting higher. It is trading near the 23.6% Fib retracement level of the recent decline from the 1.1900 high to 1.1828 low.

On the upside, there is strong resistance forming near the 1.1865 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the 1.1900 high to 1.1828 low.

A successful break above the 1.1865 resistance could lead the pair towards the main 1.1900 resistance. Any further gains could start a sustained upward move towards the 1.1980 level.

Conversely, the pair may continue to move down below the 1.1825 level. An immediate support is near the 1.1800 level. Any further losses may perhaps lead the pair towards the 1.1740 support level in the coming sessions.

USD/CHF Technical Analysis

The US Dollar started a major decline from the 0.9200 resistance zone against the Swiss franc. The USD/CHF pair broke many supports near 0.9150 and 0.9120 to move into a bearish zone.

The decline was such that the pair even broke the 0.9080 level and the 50 hourly simple moving average. A low is formed near the 0.9051 level and the pair recently corrected higher.

USD/CHF Technical Analysis Dollar Swiss Franc

It surpassed the 0.9080 resistance and the 50 hourly simple moving average. Moreover, there was a break above a connecting bearish trend line with resistance near 0.9080 on the hourly chart.

However, the pair is struggling to gain bullish momentum above the 0.9100 zone. A high is formed near 0.9094 and the pair is currently declining. It broke the 23.6% Fib retracement level of the recent wave from the 0.9051 low to 0.9094 high.

USD/CHF is currently testing the broken trend line and the 50 hourly simple moving average. The next major support is near the 0.9070 level or the 50% Fib retracement level of the recent wave from the 0.9051 low to 0.9094 high.

Any further losses could lead the pair back towards the 0.9050 support. The next major support on the downside is near the 0.9020 level.

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Aayush Jindal
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