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EUR/CHF under pressure following ECB shock

FXStreet (London) - EUR/CHF plummeted to CHF1.2057 on heavy selling of the euro following the European Central Bank(ECB) rate cut announcement.

The ECB announced a 10 basis point cut, lowering its main refinancing rate to 0.05 percent from 0.15 percent. It also cut both the marginal and the deposit rate by 10 basis points to 0.3 percent an -0.2 percent respectively.

All eyes on the ECB press conference

This afternoon's ECB press conference will now be under increased scrutiny when president Mario Draghi speaks at 2:30 CET. Markets will be looking to see whether the rate cut is part of a large barrage of monetary measures to try and breath life into the Eurozone or whether it is an attempt to play down earlier expectations of European quantitative easing.

The EUR/CHF pair was prevented from further declines by the Swinn National Bank's floor at CHF1.200 which the bank has been defending since September 2011.

EUR/CHF is currently trading at CHF1.2061, down 0.06 percent on the session after declining to a low at CHF1.2057.

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