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EUR/CHF slips to lows near 1.0840

FXStreet (Edinburgh) - The Swiss franc is reclaiming part of the recent losses vs. its European peer on Wednesday, taking EUR/CHF to the lower band of the daily range near 1.0840.

EUR/CHF capped around 1.0860

The cross remains in a tight range and extending the rebound from weekly lows in the 1.0790 area, although the upside appears to be capped by the 1.0860 region so far.

The next risk event for the pair will be the ECB meeting due tomorrow, where a potential modification of the current QE programme will surely take centre stage amidst an expected dovish tone from Draghi at his press conference.

It is worth recalling that SNB’s T.Jordan has stressed the likeliness of FX intervention in case the ECB incurs in further easing.

EUR/CHF levels to consider

At the moment the cross is down 0.01% at 1.0847 and a breakdown of 1.0776 (low Oct.16) would open the door to 1.0708 (100-day ma) and finally 1.0501 (Fibo 23.6% of 0.8696-1.1058). On the upside, the immediate hurdle aligns at 1.0879 (55-day ma) followed by 1.0924 (downtrend from 1.1049) and then 1.1049 (high Sep.11).

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