EUR/CHF respects moving averages

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Source: Dukascopy Bank SA


The broader decline of the European common currency against the Swiss Franc continues. It was spotted in April and June that the pair from time to time finds support and resistance in the 50 and 200-day simple moving averages. Most recently, the pair has remained near 0.9800, as it finds support in the 50-day simple moving average.

A passing below the 50-day simple moving average could result in the rate looking for support in the March and May low levels at 0.9708 and 0.9673. Further below, round exchange rate levels might act as support, before the May 2022 low at 0.9558 would be reached

In the case of a Euro recovery against the Franc, the 0.9800 could act as resistance. Higher above, the 200-hour simple moving average and a descending trend line are expected to provide resistance near 0.9850.
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