EUR/USD started a decent increase and it broke the 1.1800 resistance zone. USD/CHF is rising, but it is facing a major resistance near 0.9185-0.9190.
Important Takeaways for EUR/USD and USD/CHF
· The Euro started a fresh increase from well below 1.1700 against the US Dollar.
· There is a major bullish trend line forming with support near 1.1800 on the hourly chart of EUR/USD.
· USD/CHF started a fresh increase from the 0.9120 support zone.
· There was a break above a key bearish trend line with resistance near 0.9165 on the hourly chart.
EUR/USD Technical Analysis
The Euro formed a support base above 1.1680 and started a fresh increase against the US Dollar. The EUR/USD pair broke the 1.1750 resistance zone to move into a positive zone.
The pair even surpassed the 1.1800 resistance zone and it settled above the 50 hourly simple moving average. Finally, there was a spike above the 1.1840 level. A high was formed near 1.1845 on FXOpen before the pair started a downside correction.
There was a break below the 1.1820 and 1.1810 levels. The pair declined below the 23.6% Fib retracement level of the upward move from the 1.1734 swing low to 1.1845 high.
It is now consolidating above the 1.1800 support zone. There is also a major bullish trend line forming with support near 1.1800 on the hourly chart of EUR/USD. The next major support is near the 1.1790 level.
It is near the 50% Fib retracement level of the upward move from the 1.1734 swing low to 1.1845 high. The main support is near the 1.1780 level. A downside break below the 1.1780 support could start another decline.
On the upside, an initial resistance is near the 1.1820 level. The main resistance is near 1.1850. If there is an upside break above the 1.1850 resistance zone, the price could rise steadily towards the 1.1920 resistance zone.
USD/CHF Technical Analysis
The US Dollar found support near the 0.9110 zone against the Swiss franc. The USD/CHF pair started a decent increase above the 0.9150 resistance.
The pair even broke the 0.9160 resistance and the 50 hourly simple moving average. It cleared the 50% Fib retracement level of the recent decline from the 0.9184 swing high to 0.9114 low. There was also a break above a key bearish trend line with resistance near 0.9165 on the hourly chart.
The pair is now trading above the 0.9170 level. It settled above the 76.4% Fib retracement level of the recent decline from the 0.9184 swing high to 0.9114 low.
An initial resistance is near the 0.9185 level. The first key resistance is near the 0.9190 level. If there is a clear break above the 0.9190 resistance zone, the pair could start a steady increase. The next major resistance is near the 0.9220. Any more gains could lead the pair towards 0.9250.
On the downside, the pair might find bids near the 0.9165 level. The main support is now forming near the 0.9150 level and the 50 hourly simple moving average.
Any more losses could might increase the chances of a break below the 0.9120 support. In the stated case, the pair may even decline below the 0.9100 support zone.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.
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