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EUR / USD technical analysis
The euro against the dollar formed a strong support base above 1.1950. As a result, the euro/dollar currency pair started a new rise and broke many barriers near the 1.1980 and 1.2000 levels. The currency pair even soared above the 1.2040 level and closed above the 50-hour simple moving average.
After rising from the swing low of 1.1942 to the high of 1.2079, it broke upward below the 23.6% Fibonacci retracement level. However, the bulls are defending the 1.2030 support area and the 50-hour simple moving average, and the next major support is near the 1.2010 level. It is close to the 50% Fibonacci retracement of the upward movement from the 1.1942 swings low to the 1.2079 high. On the hourly chart of EUR / USD, there is also a key connecting bullish trend line formed, with support near 1.2000. On the bright side, the currency pair faces obstacles near the 1.2050 level. The next major resistance is located near 1.2080, above which it may rise above the 1.2100 area.
USD / CHF technical analysis
The US dollar struggled to clear 0.9280 and started a new decline against the Swiss franc. USD / CHF / USD fell below the 0.9240 support area and entered the bearish zone. The closing price was also below 0.9200 and the 50-hour simple moving average. The currency pair is as low as 0.9128 and has recently started to correct upward. It rose back above the 0.9140 level.
It broke above the 23.6% Fibonacci retracement level that fell from the 0.9214 high to the 0.9128 low. Currently, the currency pair is facing resistance near the 0.9160 level and the 50-hour simple moving average. There is also a major bearish trend line formed on the hourly chart, with resistance near 0.9170. The trend line is close to the 50% Fibonacci retracement level that fell from the high of 0.9214 to the low of 0.9128. Successfully breaking the trend line resistance at 0.9180 may open the door to a stable rise in the next few trading days. The next major resistance is near 0.9200, above which it will return to 0.9250. The intermediate resistance may be near the 0.9225 level. On the downside, the currency pair may find buying around 0.9130 and 0.9125. If the bulls fail to protect the 0.9125 area, there is a risk of a sharp decline. Under the above circumstances, the USD / CHF may fall to the 0.9050 support area in the next few trading days.