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EUR/CHF trims losses, regains 1.0800

FXStreet (Córdoba) - The euro briefly fell below the 1.08 mark against the franc following the Swiss National Bank decision to leave its monetary policy unchanged at today’s meeting with the main rate at -0.75%.

EUR/CHF dropped to a 3-week low of 1.0793 although it managed to regain the 1.0800 level afterward. At time of writing, EUR/CHF is trading at 1.0810, still 0.18% below its opening price.

Following the SNB decision, President Jordan said in an interview, that there is no internal threshold for intervention in the FX market. The central bank has reiterated it is ready intervene to weaken the ‘significantly overvalued’ franc.

EUR/CHF levels to watch

As for technical levels, next supports are seen at 1.0788 (Nov 18 low), 1.0754 (Nov 12 low) and 1.0733 (Nov 6 low). On the flip side, resistances could be found at 1.0847 (50-day SMA), 1.0875 (Dec 7 high) and then 1.0937 (Dec 3 high).

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