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EUR/CHF drops below 1.0780, to lowest since April 2017

  • EUR/CHF slumps to its lowest level since April 2017.
  • United States labels Switzerland as a currency manipulator.

The Swiss franc is the best performer among the main European currencies over the last seven trading days. Despite the improvement in market sentiment, it kept rising. Today, CHF versus EUR hit the highest level in more than two years. 

The EUR/CHF pair dropped to 1.0759, after breaking a consolidation range. As of writing it trades at 1.0770/75, down almost 40 pips for the day, about to post the lowest close since April 2017. 

Today the Swiss franc keep rising after the United Stated added Switzerland to its list of currency manipulators. The Swiss National Bank mentioned that all its interventions are purely related to monetary policy. The developments could represent a pressure to the SNB to not intervene. 

Technical levels

 

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