Swiss Franc: Gains against Euro toward May high - Societe Generale

Societe Generale strategists note EUR/CHF has broken a short-term uptrend and failed to hold its 200-day moving average, reinforcing downside momentum. The cross is drifting toward the May low near 0.9095, identified as potential support. In spot markets, EUR/CHF has already slumped to a five-month low, with support cited at 0.9097.

Cross grinds lower toward 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.)