EUR/CHF extended its decline towards 1.0718 earlier this month but six successive days of gains nudged the pair back over 1.08. Economists at Société Générale expect EUR/CHF to extend its rebound on a break above the 1.0870/1.0900 region.
EUR/CHF to retest 1.0700 on a slide below 1.0770
“A sharp rebound has taken shape and the EUR/CHF pair is heading towards the potential resistance zone of 1.0870/1.0900 representing June low and the 200-DMA. This hurdle must be overcome for a meaningful bounce.”
“Failure to hold above 1.0770, the 61.8% retracement of the rebound can lead to revisit of recent low at 1.0718/1.0700.”
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