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Economists at Société Générale analyze EUR/CHF technical outlook.
EUR/CHF has achieved downside projections of 0.9515 resulting in an initial rebound. A revisit of May/June troughs near 0.9680/0.9700 can’t be ruled out.
Daily MACD is still within negative territory which denotes lack of steady upward momentum.
Multi-year trend line near 0.9770 is expected to be an important resistance.
In case the pair fails to defend last week's low of 0.9550, there could be risk of a deeper downtrend.
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