EUR/CHF could strengthen back above 0.9520 Fibo resistance – SocGen
EUR/CHF consolidates above 0.95 after overcoming resistance at 0.9495. Economists at Société Générale analyze the pair’s outlook.
A rebound is almost entirely dependent on geopolitical fears subsiding
Notwithstanding the positive rate differential between the ECB and SNB, EUR/CHF retreated below 0.9450 and on Friday traded within 7 pips of the 0.9410 low of September 2022. The level is an attractive entry point for Euro longs but a rebound is almost entirely dependent on geopolitical fears subsiding.
Discussions by the ECB about earlier PEPP tapering could also give EUR/CHF room to strengthen back above 0.9520 Fibo resistance.
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