EUR/USD is struggling to stay above the 0.9950 support zone. USD/CHF is rising and could climb higher towards the 0.9750 resistance zone.
Important Takeaways for EUR/USD and USD/CHF
· Euro is struggling to recover and is trading below parity against the US dollar.
· There was a break below a key bullish trend line with support at 0.9990 on the EUR/USD hourly chart.
· USD/CHF started a fresh rally 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 significant 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 upward 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-hour simple moving average…..More information: blog FXOpen