EUR/USD is struggling to hold above the 0.9950 support zone. USD/CHF is rising and could move higher towards the 0.9750 resistance zone.
Takeaway for EUR/USD and USD/CHF
· The euro is struggling to recover and is trading below parity against the US dollar.
· There was a break below a key uptrend line with support at 0.9990 on the EUR/USD hourly chart.
· USD/CHF started a new rally after clearing 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
Last week, the euro saw a significant drop below the 1.0040 support against the US dollar. The EUR/USD pair broke below the 1.0000 support level to move 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 rose above the 1.0020 level and the 50 hourly SMA…..Read more: Blog FXOpen
