EUR/USD is gaining bullish momentum and it broke the 1.1500 resistance. USD/CHF is declining and it broke many supports near 0.9400 and 0.9380.
Important Takeaways for EUR/USD and USD/CHF
- The Euro extended its rise above the 1.1450 and 1.1500 levels against the US Dollar.
- There is a significant bullish trend line forming with support near 1.1450 on the hourly chart of EUR/USD.
- USD/CHF declined recently after it broke the key 0.9380 support zone.
- There are two connecting bearish trend lines forming with resistance near 0.9375 and 0.9385 on the hourly chart.
EUR/USD Technical Analysis
In the past few days, the Euro followed a bullish path above the 1.1320 pivot level against the US Dollar. The EUR/USD pair broke many hurdles near 1.1450 to move further into a bullish zone.
The bulls gained strength and the pair recently rallied above the 1.1500 level. The pair settled nicely above the 1.1500 level and the 50 hourly simple moving average. A new monthly high is formed near 1.1545 on FXOpen and the pair is showing a lot of positive signs.
On the downside, an initial support is near the 1.1520 level or the 23.6% Fib retracement level of the recent upward move from the 1.1425 low to 1.1545 high.
If the pair corrects lower below 1.1520, it could test the 1.1480 support zone. The 50% Fib retracement level of the recent upward move from the 1.1425 low to 1.1545 high is also near the 1.1485 level.
Moreover, there is a significant bullish trend line forming with support near 1.1450 on the hourly chart of EUR/USD. Therefore, dips are likely to find buyers near the 1.1485 and 1.1450 levels.
On the upside, the 1.1550 level is an immediate barrier for the bulls. If there is a clear break above the 1.1550 resistance, the pair is likely to accelerate higher towards the 1.1580 and 1.1600 levels.
USD/CHF Technical Analysis
The US Dollar started a strong decline after it failed to clear the 0.9460 resistance against the Swiss franc. The USD/CHF pair broke the 0.9400 support to move into a bearish zone.
The pair even broke the key 0.9380 support zone and it settled below the 50 hourly simple moving average. A low is formed near 0.9318 and the pair is currently consolidating losses. An immediate resistance is near the 0.9330 level.
The first major resistance is near the 23.6% Fib retracement level of the recent decline from the 0.9398 high to 0.9318 low. The next major resistance is near the 0.9350 level.
The 50% Fib retracement level of the recent decline from the 0.9398 high to 0.9318 low is also near 0.9355. More importantly, there are two connecting bearish trend lines forming with resistance near 0.9375 and 0.9385 on the hourly chart.
If there is an upside correction, the pair is likely to face a lot of hurdles, starting with 0.9350 and up to 0.9400 in the near term.
On the downside, the 0.9320 and 0.9300 levels are decent supports. If USD/CHF breaks the 0.9300 support level, it is likely to accelerate its decline. The next major support is near the 0.9260 level. Any further losses may perhaps call for a push towards the 0.9220 level.