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EURCHF → A safe CHF could lead to a fall in the pairing

2024-06-07 10:15 FOREX forecast

💡 Ideas For EURCHF 🇪🇺🇨🇭

📈 EURCHF → A safe CHF could lead to a fall in the pairing

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EURCHF is actively declining towards 0.9677 and is not ready to go up yet. Based on the general fundamental background, the currency pair may continue to fall towards 0.96 or 0.95

After a false breakdown of the range support, there is no strong reaction and the price returns to the level (retest). Fundamentally, CHF is stronger than EUR.

The reason for the strong fall of the currency pair is the strong Swiss franc, which is getting stronger on the background of growing risks of recession in Europe, because in this case the Swiss franc plays the role of a hedge asset. The situation is such that determines the medium-term potential. The currency pair may continue to decline after the breakout and consolidation of the price below 0.9677. In addition, the decrease in the ECB interest rate is also a favorable background

Resistance levels: 0.9738

Support levels: 0.9677

I expect that a retest of the support may lead to a breakout of the level, which will provoke a strong sell-off in the market.

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