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EURUSD and USDCHF technical signals point to higher near-term levels

Action Forex said EURUSD reversed up from 1.1300 support toward 1.1400, while USDCHF broke above 0.8280 and is looking for 0.8400 resistance.

Reported · Written up by our desk · Major Pairs

Action Forex said EURUSD reversed upward from a key support zone around 1.1300, described as a former multi-month low from July and near the lower daily Bollinger Band. The outlet attributed the move to a completed advance and the start of a short-term corrective phase, adding that a rise toward the next resistance level at 1.1400 is likely given the strength of 1.1300 and an oversold daily Stochastic oscillator.

The outlet also flagged USDCHF for a bullish setup, saying the pair broke above resistance at 0.8280, a level that previously capped upward moves in September and intersects with a daily up channel from August. Action Forex said the breakout points to further gains toward the next resistance level at 0.8400.

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