EUR/USD Recovers Ground, USD/CHF Could Extend Losses
Updated
EUR/USD started a decent increase from the 1.0350 zone. USD/CHF is sliding and might extend losses below the 0.9900 support zone.
Important Takeaways for EUR/USD and USD/CHF
· The Euro started a recovery wave from the 1.0350 support zone against the US Dollar.
· There was a break above a major bearish trend line with resistance near 1.0515 on the hourly chart of EUR/USD.
· USD/CHF topped near the 1.0060 zone and started a downside correction.
· There was a break below a connecting bullish trend line with support near 1.0020 on the hourly chart.
EUR/USD Technical Analysis
The Euro formed a base above the 1.0350 zone and started a decent increase against the US Dollar. The EUR/USD pair climbed above the 1.0420 resistance zone to move into a bullish zone.
There was a steady increase above the 1.0500 resistance zone and the 50 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near 1.0515 on the hourly chart of EUR/USD.
There was a clear move above the 50% Fib retracement level of the key decline from the 1.0592 swing high to 1.0350 low.
It is now consolidating near the 1.0550 level and the 61.8% Fib retracement level of the key decline from the 1.0592 swing high to 1.0350 low. On the upside, an initial resistance is near the 1.0550 level. The next major resistance is near the 1.0580 level.
A clear move above the 1.0580 resistance zone could set the pace for a larger increase towards 1.0650. The next major resistance is near the 1.0750 zone.
On the downside, an immediate support is near the 1.0500 level. The next major support is near the 1.0480 level. A downside break below the 1.0480 support could start another decline.
Important Takeaways for EUR/USD and USD/CHF
· The Euro started a recovery wave from the 1.0350 support zone against the US Dollar.
· There was a break above a major bearish trend line with resistance near 1.0515 on the hourly chart of EUR/USD.
· USD/CHF topped near the 1.0060 zone and started a downside correction.
· There was a break below a connecting bullish trend line with support near 1.0020 on the hourly chart.
EUR/USD Technical Analysis
The Euro formed a base above the 1.0350 zone and started a decent increase against the US Dollar. The EUR/USD pair climbed above the 1.0420 resistance zone to move into a bullish zone.
There was a steady increase above the 1.0500 resistance zone and the 50 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near 1.0515 on the hourly chart of EUR/USD.
There was a clear move above the 50% Fib retracement level of the key decline from the 1.0592 swing high to 1.0350 low.
It is now consolidating near the 1.0550 level and the 61.8% Fib retracement level of the key decline from the 1.0592 swing high to 1.0350 low. On the upside, an initial resistance is near the 1.0550 level. The next major resistance is near the 1.0580 level.
A clear move above the 1.0580 resistance zone could set the pace for a larger increase towards 1.0650. The next major resistance is near the 1.0750 zone.
On the downside, an immediate support is near the 1.0500 level. The next major support is near the 1.0480 level. A downside break below the 1.0480 support could start another decline.
Note
Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.
Disclaimer
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