Economists from Société Générale observe that the bullish momentum persists for the EUR/CHF pair following lower-than-forecast Swiss inflation data.
Last week’s low of 0.9500/0.9470 is an important support near term
Switzerland’s CPI for February, falling unexpectedly once again, is likely to increase anticipation of an imminent rate cut by the Swiss National Bank (SNB) this month. President Jordan, who recently announced his decision to step down in September, mentioned that the policy target has already been achieved.
Upward momentum in EUR/CHF is intact.
The daily MACD has shifted into positive territory, indicating the presence of upward momentum.
The support level at 0.9500/0.9470 from last week is crucial in the short term; successfully defending this zone could contribute to the continuation of the upward movement.
After surpassing 0.9610, the subsequent targets may be found at the highs reached in September and November, specifically at 0.9680 and 0.9775.
