Market Analysis: EUR/USD Starts Recovery, USD/CHF Dips Below Support

<img src="https://images.unsplash.com/photo-1609151968780-dfe0953f0e0e?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDl8fGV1cm98ZW58MHx8fHwxNjkzMzg0OTMxfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: EUR/USD Starts Recovery, USD/CHF Dips Below Support" /><p><em>EUR/USD started a recovery wave above the 1.0830 resistance. USD/CHF is showing bearish signs below the 0.8830 resistance zone.</em></p><h2>Important Takeaways for EUR/USD and USD/CHF Analysis Today</h2><p>· The Euro gained pace after it broke the 1.0830 resistance against the US Dollar.</p><p>· There was a break above a key bearish trend line with resistance near 1.0800 on the hourly chart of EUR/USD at FXOpen.</p><p>· USD/CHF is consolidating losses below the 0.8810 resistance.</p><p>· There was a break below a contracting triangle with support near 0.8830 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 1.0770 level. The Euro even cleared the 1.0800 barrier to move into a bullish zone against the US Dollar.</p><p>Besides, there was a break above a key bearish trend line with resistance near 1.0800. It opened the doors for a move above the 50-hour simple moving average and 1.0830. Finally, the pair tested the 1.0880 resistance.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/08/eurusd–18-.png" alt="Market Analysis: EUR/USD Starts Recovery, USD/CHF Dips Below Support" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/08/eurusd–18-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/08/eurusd–18-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/08/eurusd–18-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/08/eurusd–18-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>It is now consolidating gains near the 23.6% Fib retracement level of the upward wave from the 1.0781 swing low to the 1.0891 high.</p><p>Immediate support on the downside is near the 50% Fib retracement level of the upward wave from the 1.0781 swing low to the 1.0891 high at 1.0830 and the 50-hour simple moving average. The next major support is near 1.0800.</p><p>A downside break below the 1.0800 support could send the pair toward the 1.0770 level. Immediate resistance on the EUR/USD chart is near the 1.0880 zone. The first major resistance is near the 1.0910 level.</p><p>An upside break above the 1.0910 level might send the pair toward the 1.0950 resistance. The next major resistance is near the 1.1000 level. Any more gains might open the doors for a move toward the 1.1050 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 0.8870 zone. The US Dollar gained bearish momentum from the 0.8858 level against the Swiss Franc.</p><p>During the decline, there was a break below a contracting triangle with support near 0.8830. The pair even declined below the 50-hour simple moving average and 0.8795. A low is formed near 0.8774 and the pair is now consolidating losses.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/08/usdchf–5-.png" alt="Market Analysis: EUR/USD Starts Recovery, USD/CHF Dips Below Support" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/08/usdchf–5-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/08/usdchf–5-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/08/usdchf–5-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/08/usdchf–5-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>On the upside, the pair is now facing resistance near the 23.6% Fib retracement level of the downward move from the 0.8858 swing high to the 0.8774 low at 0.8795.</p><p>The next major resistance is near the 0.8810 level. The main resistance is forming near the 50-hour simple moving average and the 61.8% Fib retracement level of the downward move from the 0.8858 swing high to the 0.8774 low at 0.8830.</p><p>If there is a clear break above the 0.8830 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.8870.</p><p>On the downside, immediate support on the USD/CHF chart is near 0.8775. The first major support is near the 0.8760 level. The next major support is near the 0.8720 level. Any more losses may possibly open the doors for a move toward the 0.8650 level in the coming days.</p>