EUR/CHF: Failure to cross 1.0010/1.0040 resistance zone would mean persistence in consolidation – SocGen
|EUR/CHF has rebounded after retesting last November's low of 0.9710/0.9670. The pair must surpass the 1.0010/40 resistance zone to enjoy further gains, analysts at Société Générale report.
Break of 0.9710/0.9670 to result in an extended decline
“Daily MACD posted negative divergence and has dipped below equilibrium line denoting lack of steady upward momentum.”
“The pair is now challenging the 50-DMA; multi month trend line at 1.0010/1.0040 remains a crucial resistance zone. Failure to cross this would mean persistence in consolidation.”
“Break of recent trough near 0.9710/0.9670 is likely to result in an extended decline.”
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