EUR/USD is currently under pressure and it recently broke the 1.1065 support area. USD/CHF is also declining and it might move down towards the 0.9900 support area.

Important Takeaways for EUR/USD and USD/CHF

• The Euro is currently trading in a bearish zone below the 1.1080 and 1.1065 resistances against the US Dollar.
• There is a major bearish trend line forming with resistance near 1.1020 on the hourly chart of EUR/USD.
• USD/CHF is currently declining and it recently broke the 0.9950 support area.
• There was a break below a key bullish trend line with support near 0.9940 on the hourly chart.

EUR/USD Technical Analysis

In the past few days, the Euro followed a bearish path from well above the 1.1100 level against the US Dollar. The EUR/USD pair broke many supports on the way down, including 1.1080.

The pair even broke the 1.1065 support and the 50 hourly simple moving average. Finally, there was a break below 1.1040 and the pair traded as low as 1.1002 low on FXOpen.

At the moment, the pair is consolidating losses above the 1.1000 support area. An immediate resistance is near the 1.1015 since it coincides with the 38.2% Fib retracement level of the recent decline from the 1.1042 high to 1.1002 low.

Moreover, there is a major bearish trend line forming with resistance near 1.1020 on the hourly chart of EUR/USD. Above the trend line, the 50% Fib retracement level of the recent decline from the 1.1042 high to 1.1002 low is at 1.1022.

Finally, the 50 hourly simple moving average is near the 1.1025 level. If there is an upside break above the trend line and the 50 hourly simple moving average, EUR/USD could recover towards the 1.1050 and 1.1055 resistance levels.

On the downside, there is a decent support near the 1.1000 level. If the pair fails to stay above 1.1000, it could continue to move down. The next key supports are near the 1.0980 and 1.0965 levels.

USD/CHF Technical Analysis

The US Dollar made a couple of attempts to clear the 0.9975 and 0.9980 resistance levels against the Swiss franc. However, the USD/CHF pair failed to continue higher and started a fresh decline below 0.9965.

The pair broke a few key supports near the 0.9950 level. Besides, there was a break below a key bullish trend line with support near 0.9940 on the hourly chart.

The pair is now trading well below the 0.9940 level and the 50 hourly simple moving average. It even spiked below 0.9920 and traded as low as 0.9917 recently. At the moment, it is consolidating, with an immediate resistance near the 0.9928 level.

It represents the 23.6% Fib retracement level of the recent decline from the 0.9964 high to 0.9917 low. The main resistance on the upside is near the 0.9940 level and the 50 hourly simple moving average.

Moreover, the 50% Fib retracement level of the recent decline from the 0.9964 high to 0.9917 low is also near the 0.9940 level. Therefore, a clear break above the 0.9940 and 0.9950 resistance levels is must for USD/CHF to start a fresh increase.

The main resistance is still near the 0.9975 and 0.9980 levels. On the downside, a break below the 0.9915 level might push the pair towards the 0.9900 and 0.9885 support levels.

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