FXStreet (Edinburgh) – The Swiss franc is now reclaiming part of its overnight losses vs. the euro, taking EUR/CHF to the 1.0965/60 band.

EUR/CHF focus on SNB meeting

The cross has recovered from Wednesday’s deep sell off to the 1.0920 area, managing to clinch the vicinity of 1.0980 during the Asian trading hours, although the upside seems to have run out some steam so far.

Later in the morning, the SNB will hold its monetary policy meeting, although market expectations for any surprise by the central bank are close to zero. In light of the event, Strategist at Rabobank Emile Cardon argues “we expect a dovish tone from the SNB, with Thomas Jordan repeating that the central bank is ready to do more, if necessary. There is a good possibility that the ECB will expand its future asset purchase programme, which could trigger more action from the SNB by the end of this year”.

EUR/CHF relevant levels

At the moment the cross is up 0.01% at 1.0969 with the next support at 1.0922 (low Sep.10) ahead of 1.0878 (low Sep.9) and finally 1.0832 (low Sep.7). On the other hand, a break above 1.1011 (high Sep.15) would aim for 1.1049 (high Sep.11) and then 1.1100 (psychological level).

The Swiss franc is now reclaiming part of its overnight losses vs. the euro, taking EUR/CHF to the 1.0965/60 band…

(Market News Provided by FXstreet)

By FXOpen