EUR/CHF challenges lows near 1.0830

By FXStreet FXStreet (Edinburgh) – The now softer tone around the common currency is dragging EUR/CHF to test the area of daily lows in the 1.0835/30 band.

EUR/CHF coming down from 1.0950

After a brief adventure to the mid-1.0900s following the unexpected ECB tone at its meeting on Thursday, the cross has come down to test lows in the 1.0840/30 band after the European open today, trading in a sideline scheme ahead of the US releases.

Data wise in the Alpine economy, consumer prices contracted 0.1% from October to November and 1.4% on a yearly basis, while German Factory Orders have surprised to the upside, advancing 1.8% MoM during October and contracting 1.4% over the last twelve months.

EUR/CHF levels to consider

At the moment the cross is down 0.12% at 1.0844 with the next support at 1.0726 (low Nov.6) followed by 1.0703 (low Aug.20) and finally 1.0501 (23.6% Fibo of 0.8695-1.1049). On the other hand, a breakout of 1.0948 (high Dec.3) would aim for 1.0986 (high Oct.2) and then 1.1049 (high Sep.11).
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Source:: FX Street