EUR/CHF is testing a critical support level at 0.9210 after losing the 200-DMA earlier this month. A sustained break lower could open the door to deeper declines towards 0.9155 and 0.9050/0.9025, while resistance looms near the 200-DMA at 0.9410/0.9430, Société Générale's FX analysts note.
Break below range could trigger further losses
"EUR/CHF gave up the 200-DMA earlier this month resulting in a swift decline. It is probing the lower limit of the range withing which it has evolved since last August at 0.9210. This is a crucial support."
"If the pair establishes below 0.9210, the phase of downtrend could extend towards next projections at 0.9155 and 0.9050/0.9025. The 200-DMA at 0.9410/0.9430 is likely to be a short-term resistance zone."
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