EUR/USD Resumes Decline, USD/CHF Eyes More Gains
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EUR/USD declined heavily below the 1.0850 and 1.0750 levels. USD/CHF could gain pace if there is a move above the 0.9630 resistance.
Important Takeaways for EUR/USD and USD/CHF
· The Euro started a major decline from the 1.0935 resistance zone against the US Dollar.
· There is a major bearish trend line with resistance near 1.0670 on the hourly chart of EUR/USD.
· USD/CHF formed a base above the 0.9500 support zone and started a decent increase.
· There is a key bullish trend line forming with support near 0.9600 on the hourly chart.
EUR/USD Technical Analysis
The Euro struggled to gain pace above the 1.0920 resistance level against the US Dollar. The EUR/USD pair started a fresh decline below the 1.0850 and 1.0750 support levels.
There was a clear move below the 1.0700 level and the 50 hourly simple moving average. The pair even declined below the 1.0650 support level. It traded as low as 1.0633 on FXOpen and the pair is now consolidating losses.
EUR/USD Hourly Chart
On the upside, an initial resistance is near the 1.0665 level. There is also a major bearish trend line with resistance near 1.0670 on the hourly chart of EUR/USD.
The next major resistance is near the 1.0700 level and the 50 hourly simple moving average. It is near the 23.6% Fib retracement level of the key drop from the 1.0936 swing high to 1.0633 low. The next major resistance is near the 1.0750 zone.
A clear upside break above the 1.0750 zone could open the doors for a steady move. In the stated case, the pair might even surpass the 50% Fib retracement level of the key drop from the 1.0936 swing high to 1.0633 low.
On the downside, an immediate support is near the 1.0635 level. The next major support is near the 1.0600 level. A downside break below the 1.0600 support could start another decline.
Important Takeaways for EUR/USD and USD/CHF
· The Euro started a major decline from the 1.0935 resistance zone against the US Dollar.
· There is a major bearish trend line with resistance near 1.0670 on the hourly chart of EUR/USD.
· USD/CHF formed a base above the 0.9500 support zone and started a decent increase.
· There is a key bullish trend line forming with support near 0.9600 on the hourly chart.
EUR/USD Technical Analysis
The Euro struggled to gain pace above the 1.0920 resistance level against the US Dollar. The EUR/USD pair started a fresh decline below the 1.0850 and 1.0750 support levels.
There was a clear move below the 1.0700 level and the 50 hourly simple moving average. The pair even declined below the 1.0650 support level. It traded as low as 1.0633 on FXOpen and the pair is now consolidating losses.
EUR/USD Hourly Chart
On the upside, an initial resistance is near the 1.0665 level. There is also a major bearish trend line with resistance near 1.0670 on the hourly chart of EUR/USD.
The next major resistance is near the 1.0700 level and the 50 hourly simple moving average. It is near the 23.6% Fib retracement level of the key drop from the 1.0936 swing high to 1.0633 low. The next major resistance is near the 1.0750 zone.
A clear upside break above the 1.0750 zone could open the doors for a steady move. In the stated case, the pair might even surpass the 50% Fib retracement level of the key drop from the 1.0936 swing high to 1.0633 low.
On the downside, an immediate support is near the 1.0635 level. The next major support is near the 1.0600 level. A downside break below the 1.0600 support could start another decline.
Nota
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.
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