EUR/CHF: Bullish momentum intact – SocGen
Source Fxstreet
Mar 4, 2024 09:33
Economists at Société Générale note that the EUR/CHF pair retains bullish momentum after Swiss inflation data came below forecast.
Last week’s low of 0.9500/0.9470 is an important support near term
Another downward surprise for Switzerland's CPI today for February will amp up expectations of a rate cut by the SNB this month. President Jordan who announced last week he will step down in September, said the policy target has been reached.
Upward momentum in EUR/CHF is intact.
Daily MACD has entered positive territory highlighting prevalence of upward momentum.
Last week’s low of 0.9500/0.9470 is an important support near term; defence of this zone could lead to persistence in up move.
Beyond 0.9610, next objectives could be located at last September/November highs of 0.9680 and 0.9775.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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