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EUR/USD Eyes Upside Break While USD/CHF Consolidates Gains – Analytics & Forecasts – 2 November 2022

November 2, 2022| Forex Market

EUR/USD is struggling to climb above the 0.9920 resistance zone. USD/CHF is consolidating gains above the 0.9950 support zone.

Important Takeaways for EUR/USD and USD/CHF

· The Euro started a fresh decline and traded below the 0.9950 zone against the US Dollar.

· There is a major bearish trend line forming with resistance near 0.9905 on the hourly chart of EUR/USD.

· USD/CHF started a fresh increase after it was able to clear the 0.9920 resistance.

· There is a key bullish trend line forming with support near 0.9950 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro saw a major decline below the 0.9980 support against the US Dollar. The EUR/USD pair declined below the 0.9920 support level to move into a bearish zone.

The pair even tested the 0.9850 support zone. It is now forming a base above the 0.9850 level and is currently consolidating losses from the 0.9852 low formed on FXOpen. There was a minor recovery wave above the 0.9880 level….More  info:  blog  FXOpen  

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