Market Analysis: EUR/USD Breakout Builds, USD/CHF Slides Lower Again
EUR/USD started a fresh surge above 1.1740 and 1.1780. USD/CHF declined further and is now struggling below 0.7850.Important Takeaways for EUR/USD and USD/CHF Analysis Today- The Euro started a major increase from 1.1665 against the US Dollar.
- There is a contracting triangle forming with support near 1.1775 on the hourly chart of EUR/USD at FXOpen.
- USD/CHF declined below the 0.7840 and 0.7825 support levels.
- There is a key bearish trend line forming with resistance near 0.7840 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.1665 zone. The Euro cleared the 1.1700 barrier to move into a bullish zone against the US Dollar.
The bulls pushed the pair above the 50-hour simple moving average and 1.1750. Finally, the pair cleared 1.1765 and 1.1780. A high was formed near 1.1811 and the pair is now consolidating gains. There was a minor pullback toward the 23.6% Fib retracement level of the upward wave from the 1.1664 swing low to the 1.1811 high.
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