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EUR/CHF drops to lows near 1.0830

FXStreet (Edinburgh) - The Swiss franc remains on a firmer footing vs. its European peer on Wednesday, dragging EUR/CHF to the area of 1.0830, or daily lows.

EUR/CHF in multi-day lows

The cross has faded the spike to the 1.0900 neighbourhood early in the week, retreating to the current region of 1.0830 against the backdrop of increasing selling interest around the euro.

In the meantime, ECB’s Mario Draghi has reiterated the central bank remains prepared to announce additional easing measures at its meeting in December, while the SNB argued its ready to intervene in the FX markets in case of need.

EUR/CHF levels to consider

At the moment the cross is retreating 0.27% at 1.0832 with the next support at 1.0753 (100-day sma) followed by 1.0739 (low Oct.26) and finally 1.0703 (low Aug.20). On the other hand, a breakout of 1.0885 (55-day sma) would expose 1.0930 (high Oct.30) and then 1.1049 (high Sep.11).

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