EUR/USD started a fresh decline below the 1.0000 support. USD/CHF is rising and might aim a move toward the 0.8850 resistance.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- The Euro struggled to clear the 1.1040 resistance against the US Dollar.
- There is a major bearish trend line forming with resistance near 1.0920 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF is gaining pace above the 0.8745 resistance zone.
- There is a key bullish trend line forming with support near 0.8760 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair failed to clear the 1.1040 resistance. The Euro started a fresh decline below the 1.0000 support against the US Dollar, as mentioned in the previous analysis.
There was a move below the 50-hour simple moving average and 1.0970. The bears were able to push the pair below the 1.0900 pivot level. The pair traded as low as 1.0874 and is currently attempting an upside correction.
There was a move above the 1.0900 level. Immediate resistance on the upside is near the 50-hour simple moving average at 1.0920. There is also a major bearish trend line forming with resistance near 1.0920. The trend line is close to the 23.6% Fib retracement level of the downward move from the1.1065 swing high to the 1.0874 low.
The first major resistance is near the 50% Fib retracement level of the downward move from the1.1065 swing high to the 1.0874 low at 1.0970. An upside break above the 1.0970 level might send the pair toward the 1.1040 resistance. Any more gains might open the doors for a move toward the 1.1070 level.
On the downside, immediate support on the EUR/USD chart is seen near 1.0900. The next major support is near the 1.0875 level. A downside break below the 1.0875 support could send the pair toward the 1.0800 level.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from the 0.8700 support. The US Dollar gained climbed above the 0.8745 resistance zone against the Swiss Franc.
A base is formed above 0.8745 and the pair is now showing positive signs. It is trading near the 50% Fib retracement level of the downward move from the 0.8827 swing high to the 0.8744 swing low and above the 50-hour simple moving average.
On the upside, the pair is now facing resistance near 0.8785. The next major resistance is near the 76.4% Fib retracement level of the downward move from the 0.8827 swing high to the 0.8744 swing low at 0.8810.
If there is a clear break above the 0.8810 resistance zone and the RSI climbs above 60, the pair could start another increase. In the stated case, it could test 0.8850.
On the downside, immediate support on the USD/CHF chart is near the 50-hour simple moving average at 0.8775. The first major support is near a key bullish trend line at 0.8760. The next major support is near the 0.8745 level. Any more losses may possibly open the doors for a move toward the 0.8700 level or even 0.8680 in the near term.
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.
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2023-08-16 07:15:47Z
CBMiemh0dHBzOi8vd3d3LmFjdGlvbmZvcmV4LmNvbS9jb250cmlidXRvcnMvdGVjaG5pY2FsLWFuYWx5c2lzLzUxNDUzMy1ldXItdXNkLWV4dGVuZHMtbG9zc2VzLXdoaWxlLXVzZC1jaGYtZXllcy11cHNpZGUtYnJlYWsv0gF-aHR0cHM6Ly93d3cuYWN0aW9uZm9yZXguY29tL2NvbnRyaWJ1dG9ycy90ZWNobmljYWwtYW5hbHlzaXMvNTE0NTMzLWV1ci11c2QtZXh0ZW5kcy1sb3NzZXMtd2hpbGUtdXNkLWNoZi1leWVzLXVwc2lkZS1icmVhay8_YW1w
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