EUR/CHF drops to lows near 1.0970

By FXStreet FXStreet (Edinburgh) – After hitting daily tops near 1.1010 earlier in the session, EUR/CHF has now reverted the upside and trades in fresh lows in sub-1.0970 levels.

EUR/CHF upside halted at 1.1010

The cross has managed to gather traction and recover the psychological mark at 1.1000 and beyond earlier in the European session. However, the upside run out of legs soon afterwards as the offered tone around the euro has started to grow bigger, relegating the cross to daily lows.

Data wise in Euroland, Industrial Production surpassed estimates during July, while Swiss Retail Sales have contracted 0.1% on a year to July, bettering the previous 0.9% drop. Ahead in the week, the SNB will hold its monetary policy meeting although consensus amongst traders expects no surprises from the central bank.

EUR/CHF relevant levels

At the moment the cross is losing 0.21% at 1.0969 and a breakdown of 1.0922 (low Sep.10) would aim for 1.0878 (low Sep.9) and then 1.0832 (low Sep.7). On the upside, the initial hurdle aligns at 1.1015 (high Sep.14) followed by 1.1049 (high Sep.11) and then 1.1100 (psychological level).
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Source:: FX Street