Market Analysis: EUR/USD Aims More Upsides, USD/CHF Turns Red

<h1></h1><img src="https://fxopen.com/blog/en/content/images/2023/07/EURO.jpg" alt="Market Analysis: EUR/USD Aims More Upsides, USD/CHF Turns Red" /><p><em>EUR/USD started a strong increase above the 1.1150 resistance. USD/CHF is showing bearish signs below the 0.8650 resistance zone.</em></p><h2>Important Takeaways for EUR/USD and USD/CHF Analysis Today</h2><ul><li>The Euro gained pace against the US Dollar after it broke the 1.1150 resistance.</li><li>There is a major bullish trend line forming with support near 1.1225 on the hourly chart of EUR/USD at FXOpen.</li><li>USD/CHF is consolidating losses below the 0.8650 resistance.</li><li>There is a key bearish trend line forming with resistance near 0.8590 on the hourly chart at FXOpen.</li></ul><h2>EUR/USD Technical Analysis</h2><p>On the hourly chart of EUR/USD at FXOpen, the pair started a strong increase and was able to settle above the 1.1150 resistance zone. The Euro even broke above 1.1200 to move into a bullish zone against the US Dollar.</p><figure><img src="https://lh4.googleusercontent.com/GyVvcKiZt_8i3d7_tOaRxtgYOo80dxaX4Vagpb5tB6z3F7tbRvtjadiBjuaIyfboq8kwqHpRjMNijCKjXf32Z35OyENLPF3IqD9uHFXXBE0WWrqwURBV3zCIN97I5QKQF8F90Q_TSDCj" alt="Market Analysis: EUR/USD Aims More Upsides, USD/CHF Turns Red" loading="lazy" /></figure><p>Finally, it tested the 1.1275 zone. A high is formed near 1.1275 and the pair is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward wave from the 1.1130 swing low to the 1.1275 high.</p><p>The pair is now trading below the 50-hour simple moving average. However, there is a major bullish trend line forming with support near 1.1225.</p><p>The next major support is near the 50% Fib retracement level of the upward wave from the 1.1130 swing low to the 1.1275 high, at 1.2000. A break below the 1.1200 support could send the pair toward the 1.1150 level.</p><p>Immediate resistance on the EUR/USD chart is near the 50-hour simple moving average at 1.1240. The first major resistance is near the 1.1265 level.</p><p>An upside break above 1.1265 might send the pair toward the 1.1320 level. The next major resistance is near the 1.1365 level. Any more gains might open the doors for a move toward 1.1440.</p><h2>USD/CHF Technical Analysis</h2><p>On the hourly chart of USD/CHF at FXOpen, the pair started a major decline from well above 0.8800. The US Dollar gained bearish momentum after it broke the 0.8600 level against the Swiss Franc.</p><figure><img src="https://lh6.googleusercontent.com/aGlry0zn6orR3oGTzCsCB89OzanKNdOnU4yGQaqRfBnHKAA3M_xRKKpnA8Z68jp8Oisa0Ga7PnxfxQ59qeadI4LHXyZtSxHe3dT5U5UrjvLjbLHo4RpqG8vIMUFgJ1GNNM-AihJj0Eu1" alt="Market Analysis: EUR/USD Aims More Upsides, USD/CHF Turns Red" loading="lazy" /></figure><p>The pair even declined below 0.8650 and tested 0.8570. A low is formed near 0.8569 and the pair is now consolidating losses. On the upside, USD/CHF is now facing resistance near a key bearish trend line at 0.8590.</p><p>The trend line is near the 50-hour simple moving average. A break above it could send the pair toward the 23.6% Fib retracement level of the downward move from the 0.8918 swing high to the 0.8569 low, at 0.8650.</p><p>The next major resistance is near the 0.8785 level. If there is a clear break above the 0.8785 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.8880.</p><p>On the downside, immediate support on the USD/CHF chart is near 0.8570. The first major support is near the 0.8550 level. The next major support is near the 0.8510 level. Any more losses may possibly open the doors for a move toward the 0.8440 level in the coming days.</p>