The EURCHF cross rose to one-week high in early European session on Thursday, extending strong gains into second straight day.
The move was sparked by SNB intervention talks that pushed Swiss franc lower in the middle of risk aversion phase, when safe haven instruments usually benefit.
Extension of bounce from a nine-month low at 1.0695 (Aug 19 low) still looks as correction of a downtrend from 1.1151 (2021 high, posted o Mar 4), with pivotal barriers at 1.0835/40 (55DMA / Aug 13 high) expected to cap and keep larger bears intact.
Fading bullish momentum on daily chart warns of recovery stall, as weekly techs in full bearish setup and converging 100/200DMA’s (1.0899/93), on track to form death-cross, add to negative signals.
Res: 1.0789, 1.0806, 1.0840, 1.0875.
Sup: 1.0753, 1.0735, 1.0717, 1.0695.
