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EUR/USD and USD/CHF Eye Steady Increase

EUR/USD and USD/CHF Eye Steady Increase

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EUR/USD is struggling to clear the 1.0050 resistance area. USD/CHF is on the rise and may move higher towards the 0.9800 resistance area.

Important takeaways EUR/USD and USD/CHF

· The Euro faces strong resistance near the 1.0050 zone against the US Dollar.

· A key bearish trendline is forming on the EUR/USD hourly chart, with resistance near 1.0035.

· USD/CHF started another rally as it cleared the 0.9680 resistance area.

· There was a break above the contracting triangle on the hourly chart with resistance near 0.9682.

EUR/USD Technical Analysis

Last week, the euro dropped significantly below the 10,000 support against the US dollar. The EUR/USD pair fell below the 0.9950 support level before the bulls appeared.

The pair formed a base above the 0.9900 level and recently started an upward correction. There was a move above the 0.9920 and 0.9950 resistance levels. The pair rose above the 1.0000 level and the 50-hour simple moving average.

EUR/USD hourly chart

The pair is trading above the 50% Fib retracement level on the decline from the 1.0089 swing high to the 0.9914 low. It is now consolidating above the 1.0020 level.

Immediate resistance is near the 1.0040 level. Also on the EUR/USD hourly chart, a central descending trendline is forming with resistance near 1.0035. The next major resistance is near the 1.0050 level. It is near the 76.4% Fib retracement level on the downside, moving from the 1.0089 swing high to the 0.9914 low.

A clear move above the 1.0050 resistance area could set the pace for a bigger rally towards 1.0100. The next major resistance is near the 1.0150 zone.

On the downside, immediate support is near the 1.0000 level. The next major support is near the 0.9950 level. A break below the 0.9950 support could start another decline.

USD/CHF Technical Analysis

The US dollar formed a support base near 0.9580 and started a fresh rally against the Swiss franc. The USD/CHF pair traded above the 0.9650 level and moved into positive territory.

The pair even rose above the 0.9680 level and the 50-hour simple moving average. There was also a break above the central contracting triangle with resistance near 0.9682 on the hourly chart. The pair went as high as 0.9762 and is currently correcting lower.

USD/CHF hourly chart

A slight decline below the 23.6% Fib retracement level, with the move up 0.9659 from the 0.9762 low to high. The pair is now consolidating near 0.9730.

Immediate resistance is near the 0.9740 level. The next major resistance is near the 0.9760 level. If there is a clear break above the 0.9760 resistance zone, the pair may start a new uptrend. In the mentioned case, it could test 0.9800.

If not, the pair may decline towards the 0.9710 support. It is near the 50% Fib retracement level on the upside from the swing high of 0.9659 to the high of 0.9762.

The main support is now forming near the 0.9700 level. Any further losses could potentially open the doors to a move to the 0.9650 level.

This forecast represents the opinion of FXOpen Markets Limited only and should not be construed as an offer, invitation or recommendation of FXOpen Markets Limited’s products and services or as financial advice.

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