According to analysts at Société Generale, EUR/CHF has recently climbed above the important levels of 0.9350 and 0.94.
Daily MACD Shows Positive Signs
The recent rise in EUR/CHF has shown a higher trough near 0.9350 compared to the previous trough at 0.9210 in August, indicating a decrease in downward momentum.
Although the Daily MACD is currently in negative territory, it is showing signs of crossing above its trigger line. This could potentially lead to a short-term rebound towards 0.9490, which is the 61.8% retracement level of the recent pullback.
However, the 200-DMA resistance zone near 0.9580/0.9600 could pose a significant challenge in the near future. If the pair fails to hold above 0.9350, there is a risk of a deeper pullback.
Analysis:
The recent surge in EUR/CHF above key levels indicates a potential shift in momentum for the currency pair. Traders and investors should closely monitor the Daily MACD for further confirmation of a bullish trend. The resistance zone near 0.9580/0.9600 will be a critical level to watch for any potential reversals. Overall, a breach of 0.9350 could signal a deeper pullback, while a successful hold above this level could lead to further upside potential for EUR/CHF.