EUR/USD is struggling above the 0.9920 resistance area. USD/CHF consolidating gains above 0.9950 support zone.
The following are important takeaways about EUR/USD/USD and USD/CHF
· The Euro started a fresh decline and traded below the 0.9950 zone against the US Dollar.
· There is a major bearish trend line forming with resistance near 0.9905 on the hourly chart of EUR/USD.
· USD/CHF started a fresh increase after it was able to clear the 0.9920 resistance.
· There is a key bullish trend line forming with support near 0.9950 on the hourly chart.
Technical Analysis EUR/USD
The Euro fell below 0.9980 against the US Dollar this week. To move into a bearish zone, the EUR/USD pair fell below the 0.9920 support level.
The pair tested the support zone of 0.9850. The pair is consolidating its losses from the FXOpen 0.9852 low and is now building a base above the level of 0.9850. A minor recovery wave occurred above the 0.9880 mark.
The pair rose above the 23.6% Fib Retracement level of the downmove from the 0.9954 swing high and 0.9852 low. A resistance level is located near the 0.9900 and 50 hourly simple moving average.
Also, there is a significant bearish…