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May high in focus as Swiss Franc strengthens against Euro - Societe Generale
0.9095 is a potential support level for EUR/CHF near the May low. According to Societe Generale strategists, a break below a short-term uptrend and failure to retain the 200-day moving average have strengthened downward momentum. The cross is edging towards that May trough. Spot trading has already seen EUR/CHF drop to a five-month low, with support placed at 0.9097.
0.9095 support in focus as EUR/CHF edges lower
"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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