EUR/USD and USD/CHF Trends Analysis
In the world of forex trading, the EUR/USD and USD/CHF pairs have been making significant movements. Let’s take a closer look at the technical analysis for these currency pairs.
EUR/USD Technical Analysis:
The Euro has been struggling to break above the 1.0950 resistance level against the US Dollar. Unfortunately, the pair was unable to do so and started a downward trend, falling below the 1.0900 support level.
Currently, the pair is consolidating losses around the 1.0840 level. The immediate resistance is at 1.0855, followed by a key resistance level at 1.0870, where a bearish trend line is forming. If the pair manages to break above 1.0870, it could potentially target the 1.0900 resistance level.
On the downside, support levels are seen at 1.0840 and 1.0810. A break below 1.0810 could lead to further downside towards 1.0765.
USD/CHF Technical Analysis:
Conversely, the USD/CHF pair has been showing positive signs, climbing above the 0.8900 resistance zone against the Swiss Franc. The pair is currently testing a major bullish trend line with support at 0.8910.
Resistance levels for USD/CHF are at 0.8925, 0.8940, and 0.8950. A clear break above 0.8950 could signal more upside potential for the pair. On the other hand, support levels are at 0.8870 and 0.8845, with a further downside target at 0.8820.
In conclusion, both currency pairs are experiencing interesting movements in the forex market. Traders will be closely watching key resistance and support levels to determine their trading strategies. It’s important to stay informed about market trends and developments to make informed trading decisions.
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