EUR/CHF is stabilizing after defending key support levels, with recent price action suggesting a potential base formation. A hold above 0.9290 could open the door to further gains, Société Générale’s FX analysts note.
Rebound builds above 0.9290 in EUR/CHF
“EUR/CHF defended last year trough of 0.9210 resulting in a gradual bounce. It has recently carved out a higher low at 0.9290 and appears to be evolving within a base. Defence of 0.9290 could result in persistence of the rebound.”
“Next objectives are located at the 200-DMA near 0.9385 and the upper boundary of recent range at 0.9430/0.9445, this is a crucial resistance zone. In case the pair fails to hold above 0.9290, there could be a risk of a deeper downtrend.”
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