EUR/CHF to suffer a deeper downtrend on failure to defend 0.9550 – SocGen

Market news

8 August 2023

EUR/CHF to suffer a deeper downtrend on failure to defend 0.9550 – SocGen

Economists at Société Générale analyze EUR/CHF technical outlook.

A revisit of May/June troughs near 0.9680/0.9700 is on the cards

EUR/CHF has achieved downside projections of 0.9515 resulting in an initial rebound. A revisit of May/June troughs near 0.9680/0.9700 can’t be ruled out.

Daily MACD is still within negative territory which denotes lack of steady upward momentum.

Multi-year trend line near 0.9770 is expected to be an important resistance.

In case the pair fails to defend last week's low of 0.9550, there could be risk of a deeper downtrend.

USD/CHF seems baffled around 0.8750, investors await US CPI for fresh guidance

USD/CAD Price Analysis: Jumps to two-month high, bulls seize control above 100-day SMA

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