FXStreet (Edinburgh) – The Swiss franc is extending its downside momentum vs. its European peer on Monday, taking EUR/CHF near 1.0920.
EUR/CHF attention to data, SNB
The cross is keeping the upper bound of the recent range after its recent break above the 1.0900 barrier (Friday) on increasing selling interest around the Alpine currency.
On the data front, Switzerland’s KOF Leading Indicators are due next ahead of German flash CPI for the current month. In addition, expectations for additional easing by the ECB at its meeting on Thursday could prompt the SNB to intervene in the FX markets to prevent an excessive (and unwelcomed) CHF appreciation.
EUR/CHF levels to consider
At the moment the cross is up 0.05% at 1.0912 and a surpass of 1.0930 (high Oct.30) would aim for 1.0986 (high Oct.2) and then 1.1049 (high Sep.11). On the other hand, the next support lines up at 1.0873 (100-day sma) followed by 1.0703 (low Aug.20) and finally 1.0501 (23.6% Fibo of 0.8695-1.1049).
(Market News Provided by FXstreet)