EUR/USD, USD/CHF, and GBP/USD Short-Term Forecast for 05/08/2026

EUR/USD Technical Analysis

The euro looks like it is testing the 1.1560 level, an area that had been important previously on a swing high, so we’ll have to see if we can break above there. It certainly looks like it’s struggling, but I also recognize that recently the 1.15 level had been support. Typically speaking, this is a pretty choppy pair, and when we zoom out on the longer-term charts, we start to see that we are approaching an area that historically has seen a lot of chop and noise. So a little bit of a pullback here would not be surprising to me at all. Certainly, we are seeing interest rates in America try to turn back around to the upside during the early part of the session, so something worth keeping an eye on.

USD/CHF Technical Analysis

Currently, the US dollar and the Swiss franc seem to be very consolidated, and this is typical for this pair. But the interest rate differential most certainly favors the US dollar, and carry traders will be attracted to the wide spread here that they collect at any close of the day, especially with a lot of traders on Wednesday getting triple swap. Looks like the area right around 0.81 continues to be a magnet for price.

GBP/USD Technical Analysis

And finally, the British pound is stretching towards the 1.35 level. This is a lot like the euro in the sense that we had reached close to a swing high and failed a bit. Rates in the United States climbing a little bit early may provide a little bit of a headwind as well. 1.35 being broken would obviously be a strong headline because of the large round psychological number. It could bring in more buyers; we’d have to wait and see.

Currently, the 1.3435 level or so looks to be support. Could be range-bound. Today has no major economic announcements of any serious consequence. And with that, it would make sense if traders were a little bit range-bound and indecisive.

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