Market Analysis: EUR/USD Drops Again While USD/CHF Gains Strength

<img src="https://images.unsplash.com/photo-1621280336935-ed7cae618aac?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDF8fGV1cnxlbnwwfHx8fDE2ODg1NDMyNDV8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: EUR/USD Drops Again While USD/CHF Gains Strength" /><p><em>EUR/USD started a fresh decline from the 1.0930 resistance. USD/CHF is rising and might aim a move toward the 0.9015 resistance.</em></p><h2>Important Takeaways for EUR/USD and USD/CHF Analysis Today</h2><p>&#xB7; The Euro struggled to clear the 1.0930 resistance against the US Dollar.</p><p>&#xB7; There is a major bearish trend line forming with resistance near 1.0890 on the hourly chart of EUR/USD at FXOpen.</p><p>&#xB7; USD/CHF is gaining pace above the 0.8965 resistance zone.</p><p>&#xB7; There is a key bearish trend line forming with resistance near 0.8980 on the hourly chart at FXOpen.</p><h2>EUR/USD Technical Analysis</h2><p>On the hourly chart of EUR/USD at FXOpen, the pair struggled many times near the 1.0930 resistance. The Euro started a fresh decline from the 1.0931 swing high against the US Dollar.</p><p>There was a move below the 50-hour simple moving average at 1.0890. The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 1.0835 swing low to the 1.0931 high.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/07/eurusd–9-.png" alt="Market Analysis: EUR/USD Drops Again While USD/CHF Gains Strength" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/07/eurusd–9-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/07/eurusd–9-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/07/eurusd–9-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/07/eurusd–9-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>It seems like the pair might continue to move down considering the RSI is below 35. On the downside, immediate support on the EUR/USD chartis seen near 1.0845. It is close to the 76.4% Fib retracement level of the upward move from the 1.0835 swing low to the 1.0931 high.</p><p>The next major support is near the 1.0835 level. A downside break below the 1.0835 support could send the pair toward the 1.0780 level.</p><p>Immediate resistance on the upside is near the 50-hour simple moving average at 1.0890. It is close to a major bearish trend line. The first major resistance is near 1.0920. The next key resistance is near the 1.0930 level.</p><p>An upside break above the 1.0930 level might send the pair toward the 1.0970 resistance. Any more gains might open the doors for a move toward the 1.1010 level.</p><h2>USD/CHF Technical Analysis</h2><p>On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from the 0.8930 support. The US Dollar gained climbed above the 0.8950 resistance zone against the Swiss Franc.</p><p>The pair cleared the 50% Fib retracement level of the downward move from the 0.9004 swing high to the 0.8945 swing low. It is now trading above the 0.8965 level and the 50-hour simple moving average.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/07/usdchf–2-.png" alt="Market Analysis: EUR/USD Drops Again While USD/CHF Gains Strength" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/07/usdchf–2-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/07/usdchf–2-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/07/usdchf–2-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/07/usdchf–2-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>On the upside, the pair is now facing resistance near a key bearish trend line at 0.8980. It is close to the 61.8% Fib retracement level of the downward move from the 0.9004 swing high to the 0.8945 swing low. The next major resistance is near the 0.9005 level.</p><p>If there is a clear break above the 0.9005 resistance zone and the RSI climbs above 70, the pair could start another increase. In the stated case, it could test 0.9050.</p><p>On the downside, immediate support on the USD/CHF chart is near the 50-hour simple moving average at 0.8965. &#xA0;The first major support is near 0.8938. The next major support is near the 0.8930 level. Any more losses may possibly open the doors for a move toward the 0.8900 level or even 0.8880 in the near term.</p>