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EUR/CHF turns negative below 1.0800

FXStreet (Edinburgh) - The Swiss franc is now picking up pace vs. its European peer on Thursday, sending EUR/CHF back below the 1.0800 handle.

EUR/CHF rangebound around 1.08

The cross has been trading roughly between 1.0750 and 1.0850 in past sessions, while market participant keep gauging the possibility of a looser monetary stance by the ECB to be announced soon.

That said, investors remain wary of the SNB and the likeliness of intervention in the FX markets, as further stimulus by the ECB could derail in an ‘undesirable’ appreciation in the safe haven CHF.

Nothing scheduled on the data front in the Alpine economy, whereas September’s Industrial Production figures and Draghi’s speech are due in the euro area.

EUR/CHF levels to consider

At the moment the cross is down 0.01% at 1.0791 and a breakdown of 1.0766 (100-day sma) would aim for 1.0739 (low Oct.26) and finally 1.0703 (low Aug.20). On the other hand, the immediate resistance lines up at 1.0882 (55-day sma) followed by 1.0930 (high Oct.30) and then 1.1049 (high Sep.11).

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