The EUR/USD pair experienced a surge after breaking through the key resistance level of 1.0950 against the US Dollar. This resulted in the pair moving into a bullish zone, with the Euro clearing the 1.1000 resistance. The upward movement was supported by the formation of a connecting bullish trend line with a key support level near 1.1090 on the hourly chart of EUR/USD. The pair also managed to surpass the 50-hour simple moving average and reached the 1.1130 resistance level. Currently, the pair is consolidating gains above the 23.6% Fib retracement level and is holding above the connecting trend line. Immediate support lies at 1.1090, followed by a major support level at 1.1050. A break below 1.1050 could signal a downward trend towards 1.1000 and potentially 1.0950. On the flip side, if the pair manages to break above the 1.1130 resistance, it could target levels at 1.1150, 1.1200, and 1.1220, with further gains leading to 1.1250.
USD/CHF Analysis
Conversely, the USD/CHF pair experienced a decline after failing to sustain levels above 0.8700. The US Dollar dropped below both the 0.8635 and 0.8600 support levels, pushing the pair into a negative zone against the Swiss Franc. The pair found temporary support near the 0.8520 level and is currently consolidating losses. Resistance levels to watch include the 23.6% Fib retracement level at 0.8575 and a major bearish trend line near the same level. Further resistance lies at 0.8635, and a clear break above this level could signal a potential uptrend towards 0.8695. On the downside, immediate support is at 0.8520, followed by levels at 0.8500 and 0.8480, with further downside potential towards 0.8450 in the coming days.
The EUR/USD pair has shown strength with a bullish momentum, while the USD/CHF pair is currently facing downward pressure. Traders should keep a close eye on key support and resistance levels for potential trading opportunities. It is important to note that these analyses are based on historical price movements and technical indicators, and market conditions may change rapidly. Traders are advised to conduct their own research and analysis before making any trading decisions.