EUR/CHF poised to head higher and should achieve 1.1068 - SocGen

The analysis team at Societe Generale points out that after forming an important trough near 1.0620/1.06 earlier this year, EUR/CHF has confirmed an inverse head-and-shoulders pattern and has crossed above a down sloping channel within which the correction has evolved since the 2016 high.

Key Quotes

“This dual break denotes that the pair is poised to head higher and should achieve 1.1068, the 76.4% retracement from the 2016 high. The daily indicators are now a bit overstretched, but as long as EUR/CHF sustains above the channel at 1.0850/30, the up move is expected to persist.”