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Swiss Franc advances against Euro towards May high - Societe Generale
The May low near 0.9095 is in focus as potential support for EUR/CHF as the cross drifts lower, according to Societe Generale strategists. They note that a break below a short-term uptrend and a failure to hold the 200-day moving average have reinforced downward momentum. On the spot market, EUR/CHF has already fallen to a five-month low, with 0.9097 cited as support.
Cross edges down towards key support
"EUR/CHF has extended its pullback after breaching a short-term ascending trend line last month."
"The pair has failed to defend the 200-DMA (0.9235), highlighting persistent downward momentum."
"EUR/CHF slumps to 5-month low, support 0.9097."
"It is gradually drifting towards the May trough near 0.9095, which could be a potential support."
"If a brief rebound develops, the 200-DMA and the recent pivot high at 0.9235/0.9260 may serve as a resistance zone."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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