EUR/CHF: Bullish momentum intact – SocGen

Economists at Société Générale note that the EUR/CHF pair retains bullish momentum after Swiss inflation data came below forecast.

Last week’s low of 0.9500/0.9470 is an important support near term

Another downward surprise for Switzerland's CPI today for February will amp up expectations of a rate cut by the SNB this month. President Jordan who announced last week he will step down in September, said the policy target has been reached. 

Upward momentum in EUR/CHF is intact. 

Daily MACD has entered positive territory highlighting prevalence of upward momentum. 

Last week’s low of 0.9500/0.9470 is an important support near term; defence of this zone could lead to persistence in up move.

Beyond 0.9610, next objectives could be located at last September/November highs of 0.9680 and 0.9775.