EUR/USD has seen a significant uptrend recently, surpassing the key resistance level of 1.1000. The Euro’s surge against the US Dollar has been quite impressive, with the pair breaking through the 1.0950 resistance level. On the hourly chart of EUR/USD, we can see a connecting bullish trend line that is providing support around 1.1090. The bulls have managed to push the pair above the 50-hour simple moving average, indicating a strong bullish momentum. The recent high near 1.1132 suggests that the pair is currently consolidating its gains above the 23.6% Fib retracement level. Immediate support can be found at the connecting bullish trend line at 1.1090, with further support at the 50% Fib retracement level at 1.1050. However, a downside break below 1.1050 could signal a shift towards the 1.1000 level, potentially leading the pair into a bearish zone. On the upside, resistance is seen near the 1.1130 zone, with the possibility of further gains towards 1.1200 and beyond.
On the flip side, USD/CHF has experienced a decline, struggling to maintain levels below the 0.8600 resistance. The US Dollar has dropped below the 0.8635 and 0.8600 support levels against the Swiss Franc, indicating a negative trend. The pair is currently consolidating losses near the 0.8520 level, with immediate support at 0.8520 and further support at the 0.8500 and 0.8480 levels. A clear break below these levels could pave the way for a move towards 0.8450 in the coming days. However, on the upside, resistance is observed near the 23.6% Fib retracement level at 0.8575, with a major bearish trend line forming around that level. The 50% Fib retracement level at 0.8635 also presents a significant resistance point. If the pair manages to break above the 0.8635 zone, a potential rally towards 0.8695 could be in the cards.
The EUR/USD pair has seen a strong bullish momentum, breaking key resistance levels and consolidating gains above important support levels. On the other hand, the USD/CHF pair has faced a downward trend, struggling to maintain support levels and consolidating losses. The future movements of these currency pairs will depend on various factors such as economic data, geopolitical events, and market sentiment. Traders and investors should closely monitor these trends and conduct thorough analysis before making any trading decisions.