EUR/CHF can bounce towards 0.9540 – Société Générale

EUR/CHF has carved out a higher trough near 0.9300. Recent pivot low of 0.9380 is near term support, Société Générale FX analysts note.

0.9580/0.9600 can be an important resistance zone

“EUR/CHF has recently carved out a higher trough near 0.9300 than the one achieved in August near 0.9210 denoting receding downward momentum. It has embarked on a brief rebound after this test and is probing 50-DMA.”

“Recent pivot low of 0.9380 is near term support. Defence of this can lead to persistence in bounce towards 0.9540 and August high near 0.9580/0.9600; this could be an important resistance zone.”