EUR/USD has continued its upward trajectory, breaking above key resistance levels, while USD/CHF remains weak and struggles to regain ground below 0.7850.
Key Points
- The euro has advanced sharply from the 1.1665 area against the US dollar.
- A contracting triangle is developing with support around 1.1775 on the hourly EUR/USD chart.
- USD/CHF has moved lower, slipping beneath 0.7840 and 0.7825 support zones.
- A notable bearish trend line is forming near 0.7840 on the hourly chart.
EUR/USD Technical Outlook
On the hourly timeframe, EUR/USD initiated a strong rally from the 1.1665 region, pushing through 1.1700 and gaining further bullish traction. Buyers drove the pair above both the 50-hour moving average and 1.1750, eventually clearing 1.1765 and 1.1780 before reaching a high near 1.1811.
Following this advance, the pair has entered a consolidation phase, with a modest pullback towards the 23.6% Fibonacci retracement of the recent upswing.
Support is emerging around 1.1775, aligned with the lower boundary of a contracting triangle. Additional support lies near 1.1755 and the 50-hour moving average. A break below this region could expose 1.1740, with further downside potentially extending towards 1.1700.
On the upside, initial resistance stands near 1.1800, followed by a key level at 1.1810. A sustained move above this zone could open the way towards 1.1850, with further gains targeting 1.1880 and possibly the 1.2000 area.
USD/CHF Technical Outlook
USD/CHF has maintained a downward bias after reversing from above 0.7880. The pair slipped below 0.7850, confirming bearish momentum against the Swiss franc.
Sellers pushed the pair beneath the 50-hour moving average and 0.7825 before support emerged near 0.7790. A low was recorded at 0.7789, and the pair is now stabilising with a mild corrective bounce.
On recovery attempts, resistance is expected around 0.7825, with stronger barriers near 0.7840, where the 50-hour moving average aligns with a descending trend line. A break above 0.7860 (50% Fibonacci retracement) would be required to shift momentum and could lead to a move towards 0.7880 and 0.7935.
On the downside, immediate support sits at 0.7800, followed by a critical zone near 0.7790. A break below this level could accelerate losses towards 0.7740, with further downside risk extending to 0.7700.
FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot (additional fees may apply). Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms!
The FXOpen App is a dedicated mobile application designed to give traders full control of their accounts anytime, anywhere.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.