EUR/CHF bounces off lows on SNB

The Swiss franc is trading almost unchanged vs. its European peer on Thursday, taking EUR/CHF to the area of 1.0830 for the time being.

EUR/CHF muted post-SNB

The cross is looking to extend the rebound from daily troughs in the 1.0800 neighbourhood after the SNB left unchanged its monetary stance at today’s meeting, with the interest on sight deposits at -0.75% and the target range for the 3-month Libor between -1.25% and -0.25%.

At his speech today, President T.Jordan reiterated the central bank will remain active in the FX markets, while it will take additional measures in case of ‘Brexit’.

EUR/CHF significant levels

As of writing the cross is up 0.02% at 1.0828 and a break above 1.0928 (200-day sma) would expose 1.0985 (55-day sma) and then 1.0990 (20-day sma). On the other hand, the next support aligns at 1.0790 (2016 low Jun.14) followed by 1.0767 (low Dec.30 2015) and finally 1.0729 (monthly low Dec.24 2015).