Market Analysis: EUR/USD Attempts Recovery While USD/CHF Revisits Support

EUR/USD started a recovery wave above the 1.0550 resistance. USD/CHF declined and now trading near the 1.0450 support zone.

Important Takeaways for EUR/USD and USD/CHF Analysis Today

· The Euro gained pace after it broke the 1.0550 resistance against the US Dollar.

· There is a major bullish trend line forming with support near 1.0570 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF declined below the 0.9140 and 0.9080 support levels.

· There is a connecting bearish trend line forming with resistance near 0.9080 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a recovery wave from the 1.0450 level. The Euro even cleared the 1.0485 barrier to move into a short-term bullish zone against the US Dollar.

The bulls pushed the pair above the 50-hour simple moving average and 1.0570. Finally, the pair tested the 1.0615 resistance. It is now consolidating gains above the 23.6% Fib retracement level of the upward wave from the 1.0519 swing low to the 1.0619 high.

Immediate support on the downside is 1.0595. The next major support is near a bullish trend line at 1.0570 and the 50-hour simple moving average.

The trend line is close to the 50% Fib retracement level of the upward wave from the 1.0519 swing low to the 1.0619 high. A downside break below the 1.0570 support could send the pair toward the 1.0485 level.

Immediate resistance on the EUR/USD chart is near the 1.0615 zone. The first major resistance is near the 1.0650 level. An upside break above the 1.0650 level might send the pair toward the 1.0700 resistance.

The next major resistance is near the 1.0720 level. Any more gains might open the doors for a move toward the 1.0800 level.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a fresh decline from the 0.9240 zone. The US Dollar dropped below the 0.9140 support to move into a negative zone against the Swiss Franc.

The bears pushed the pair below the 50-hour simple moving average and 0.9080. Finally, the bulls appeared near the 0.9035 level. A low is formed near 0.9034 and the pair is now consolidating losses.

On the upside, the pair could face resistance near a connecting bearish trend line at 0.9080. The trend line is near the 23.6% Fib retracement level of the downward move from the 0.9244 swing high to the 0.9034 low.

The next major resistance is near the 0.9140 level or the 50% Fib retracement level of the downward move from the 0.9244 swing high to the 0.9034 low.

If there is a clear break above the 0.9140 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.9240.

On the downside, immediate support on the USD/CHF chart is 0.9035. The first major support is near the 0.9000 level. The next major support is near 0.8950. Any more losses may possibly open the doors for a move toward the 0.8880 level in the coming days.