EUR/USD is struggling to stay above the 0.9950 support zone. USD/CHF is rising and might climb higher towards the 0.9750 resistance zone.
Important Takeaways for EUR/USD and USD/CHF
· The Euro is struggling to recover and trading below the parity level against the US Dollar.
· There was a break below a key bullish trend line with support at 0.9990 on the hourly chart of EUR/USD.
· USD/CHF started a fresh increase after it cleared the 0.9600 resistance zone.
· There is a major bullish trend line forming with support near 0.9640 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro saw a major decline below the 1.0040 support against the US Dollar. The EUR/USD pair declined below the 1.0000 support level to move further into a bearish zone.
The pair formed a base above the 0.9950 level and recently started an upside correction. There was a move above the 0.9980 and 1.0000 resistance levels. The pair climbed above the 1.0020 level and the 50 hourly simple moving average…..More info: blog FXOpen