Market Analysis: EUR/USD Struggles While USD/CHF Turns Red

<img src="https://fxopen.com/blog/en/content/images/2023/10/eur-usd.jpg" alt="Market Analysis: EUR/USD Struggles While USD/CHF Turns Red" /><p><em>EUR/USD started a fresh decline below the 1.0625 support. USD/CHF is also declining and struggling below the 0.9000 region.</em></p><h2>Important Takeaways for EUR/USD and USD/CHF Analysis Today</h2><p>· The Euro struggled to clear the 1.0685 resistance and declined against the US Dollar.</p><p>· There is a key bullish trend line forming with support near 1.0585 on the hourly chart of EUR/USD at FXOpen.</p><p>· USD/CHF is gaining pace below the 0.8975 support zone.</p><p>· There is a major bearish trend line forming with resistance near 0.8940 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 attempted a recovery wave above the 1.0640 zone, <a href="https://fxopen.com/blog/en/aj-market-analysis-eur-usd-could-recover-usd-jpy-inches-toward-150-00/">as mentioned</a> in the previous analysis. The Euro climbed above 1.0660 but struggled near 1.0685 against the US Dollar.</p><p>The pair started a fresh decline below the 50-hour simple moving average and 1.0625. The bears were able to push the pair toward the 1.0585 pivot level. The pair traded as low as 1.0583 and is currently showing a lot of bearish signs.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/10/eurusd–1-.png" alt="Market Analysis: EUR/USD Struggles While USD/CHF Turns Red" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/10/eurusd–1-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/10/eurusd–1-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/10/eurusd–1-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/10/eurusd–1-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.0687 swing high to the 1.0583 low.</p><p>The first major resistance is near the 50-hour simple moving average at 1.0625. An upside break above the 1.0625 level might send the pair toward the 76.4% Fib retracement level of the downward move from the 1.0687 swing high to the 1.0583 low at 1.0660.</p><p>Any more gains might open the doors for a move toward the 1.0685 level. On the downside, immediate support on the EUR/USD chart is seen near a key bullish trend line at 1.0585. The next major support is near the 1.0530 level. A downside break below the 1.0530 support could send the pair toward the 1.0500 level.</p><h2>USD/CHF Technical Analysis</h2><p>On the hourly chart of USD/CHF at FXOpen, the pair started a major decline from the 0.9030 resistance. The US Dollar traded below 0.8975 to move into a short-term bearish zone against the Swiss Franc.</p><p>The bears pushed the pair below the 50-hour simple moving average and 0.8940. Finally, the bulls appeared near the 0.8895 level. Recently, there was a recovery wave, but the pair failed to surpass 0.8950.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/10/usdchf.png" alt="Market Analysis: EUR/USD Struggles While USD/CHF Turns Red" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/10/usdchf.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/10/usdchf.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/10/usdchf.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/10/usdchf.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>It is again moving lower and approaching the 50-hour simple moving average at 0.8925. It is close to the 50% Fib retracement level of the recovery wave from the 0.8894 swing low to the 0.8952 high.</p><p>On the upside, the pair could face resistance near a connecting bearish trend line at 0.8940. The next major resistance is near the 0.8975 level. If there is a clear break above the 0.8975 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.9030.</p><p>On the downside, immediate support on the USD/CHF chart is 0.8925. The first major support is near the 76.4% Fib retracement level of the recovery wave from the 0.8894 swing low to the 0.8952 high at 0.8910.</p><p>The next major support is near 0.8895. Any more losses may possibly open the doors for a move toward the 0.8850 level in the coming days.</p>