Below 0.9250/0.9210, correction can deepen further – Societe Generale

EUR/CHF decline has stalled after achieving graphical level of 0.9250/0.9210 representing lows of December 2023 and August 2024, Societe Generale’s team of FX analysts note.

EUR/CHF has a chance to establish below 0.9250/0.9210

“Daily MACD has started posting positive divergence denoting receding downward momentum. A brief rebound can’t be ruled out but multi-month descending trend line at 0.9370 could be an important hurdle. Inability to cross this resistance could denote risk of further decline.”

“In case the pair establishes below 0.9250/0.9210, the phase of correction could deepen towards next projections of 0.9160 and 0.9125.”