USD/CHF is trying a modest rebound from 0.8030, however stays beneath key resistance at 0.8350, preserving the broader downtrend intact, Société Générale’s FX analysts be aware.
Downtrend intact beneath key resistance
“USD/CHF has skilled a gentle downtrend after giving up the 50-DMA in February. It has carved out an interim trough close to 0.8030, which has been revisited just lately. The pair is staging a bounce after this take a look at nevertheless it’s nonetheless beneath the Transferring Common.”
“Multi-month descending pattern line at 0.8350 is a short-term resistance. If the bounce peters out close to this hurdle, the part of decline could persist. Break beneath 0.8030 can result in an extension in downtrend.”
