Market Analysis: EUR/USD Reclaims 1.0700 While USD/CHF Dips

<img src="https://fxopen.com/blog/en/content/images/2023/11/eur____.jpg" alt="Market Analysis: EUR/USD Reclaims 1.0700 While USD/CHF Dips" /><p><em>EUR/USD started a recovery wave above the 1.0700 resistance. USD/CHF declined and now struggling below the 0.9010 resistance.</em></p><h2>Important Takeaways for EUR/USD and USD/CHF Analysis Today</h2><p>· The Euro gained pace after it broke the 1.0635 resistance against the US Dollar.</p><p>· There is a major bullish trend line forming with support near 1.0685 on the hourly chart of EUR/USD at FXOpen.</p><p>· USD/CHF declined below the 0.9030 and 0.9010 support levels.</p><p>· There is a connecting bearish trend line forming with resistance near 0.9010 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 started a recovery wave from the 1.0525 level. The Euro cleared the 1.0635 resistance to move into a short-term bullish zone against the US Dollar.</p><p>The bulls pushed the pair above the 50-hour simple moving average and 1.0700. Finally, the pair tested the 1.0750 resistance. It is now correcting gains and trading below the 23.6% Fib retracement level of the upward wave from the 1.0517 swing low to the 1.0756 high.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/11/eurusd0811.png" alt="Market Analysis: EUR/USD Reclaims 1.0700 While USD/CHF Dips" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/11/eurusd0811.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/11/eurusd0811.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/11/eurusd0811.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/11/eurusd0811.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>Immediate support on the downside is near a major bullish trend line at 1.0685. The next major support is near the 50% Fib retracement level of the upward wave from the 1.0517 swing low to the 1.0756 high at 1.0635.</p><p>A downside break below the 1.0635 support could send the pair toward the 1.0560 level. Any more losses might send the pair into a bearish zone to 1.0525.</p><p>Immediate resistance on the EUR/USD chart is near the 50-hour simple moving average at 1.0700. The first major resistance is near the 1.0750 level. An upside break above the 1.0750 level might send the pair toward the 1.0800 resistance.</p><p>The next major resistance is near the 1.0840 level. Any more gains might open the doors for a move toward the 1.0920 level.</p><h2>USD/CHF Technical Analysis</h2><p>On the hourly chart of USD/CHF at FXOpen, the pair started a fresh decline from the 0.9115 zone. The US Dollar dropped below the 0.9030 support to move into a negative zone against the Swiss Franc.</p><p>The bears pushed the pair below the 50-hour simple moving average and 0.9010. Finally, the bulls appeared near the 0.8950 level. A low is formed near 0.8953 and the pair is now attempting a recovery wave.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/11/USDCHF-Chart–1-.png" alt="Market Analysis: EUR/USD Reclaims 1.0700 While USD/CHF Dips" loading="lazy" width="1835" height="839" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/11/USDCHF-Chart–1-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/11/USDCHF-Chart–1-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/11/USDCHF-Chart–1-.png 1600w, https://fxopen.com/blog/en/content/images/2023/11/USDCHF-Chart–1-.png 1835w" sizes="(min-width: 720px) 720px" /></figure><p>It is trading above the 50-hour simple moving average and the 23.6% Fib retracement level of the downward move from the 0.9112 swing high to the 0.8953 low.</p><p>On the upside, the pair could face resistance near a connecting bearish trend line at 0.9010. The next major resistance is near the 0.9030 level or the 50% Fib retracement level of the downward move from the 0.9112 swing high to the 0.8953 low.</p><p>If there is a clear break above the 0.9030 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.9075.</p><p>On the downside, immediate support on the USD/CHF chart is 0.8990. The first major support is near the 0.8950 level. The next major support is near 0.8910. Any more losses may possibly open the doors for a move toward the 0.8880 level in the coming days.</p>