Safe haven Swiss franc rises to seven-month high vs Euro

The EURCHF pair fell to the lowest in over seven month on Monday, in fresh acceleration of larger downtrend from double- rejection at parity level in late March, during past two sessions.

Growing uncertainty over US debt ceiling talks prompted investors into safe-haven Swiss franc, which gained across the board.

Fresh bearish acceleration cracked 0.9700 round-figure level but faced strong headwinds on approach to more significant support at 0.9670 (Fibo 61.8% of 0.9406/1.0097 rally.

Bears are likely to take a breather on partial profit-taking of 0.7% fall in past two days, with upticks to face solid resistance at 0.9740/50 zone (falling 10DMA / broken 50% retracement of 0.9406/1.0097).

Consolidation should be ideally capped here to keep bears intact and offer better levels to re-enter larger downtrend for probe through 0.9670 pivot which would unmask targets at 0.9569/52 (Fibo 76.4% / low of 23 Aug 2022).

Res: 0.9705; 0.9750; 0.9776; 0.9799
Sup: 0.9670; 0.9600; 0.9570; 0.9550