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Swiss Franc: Is May high in sight after gains against Euro? - Societe Generale
Downward momentum in EUR/CHF has strengthened, with Societe Generale strategists pointing to a break below a short-term uptrend and a failure to retain the 200-day moving average. The May low near 0.9095 is now approaching as a potential support level. Meanwhile, the cross has already fallen to a five-month low in the spot market, where support is cited at 0.9097.
Can key support stem the decline in EUR/CHF?
"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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