EUR/CHF losing altitude below 1.1100

By FXStreet FXStreet (Edinburgh) – After hitting fresh highs in the 1.1170 area last week, EUR/CHF has sparked the current correction lower to the 1.1085/80 band.

EUR/CHF down from 1-year highs

Rumours that the SNB was behind the recent sharp up-move in the cross remains alive amongst traders, while the Swiss franc is now recovering part of the recent drop to 1-year lows vs. EUR after the opening bell in the Old Continent.

In the meantime, Swiss SVME PMI has come in at 50.0 during January, while manufacturing PMI in Germany has surpassed expectations at 52.3 during the same period.

EUR/CHF relevant levels

At the moment the cross is retreating 0.10% at 1.1077 and a breach fo facing the next resistance at 1.1172 (high Jan.29) followed by 1.1200 (psychological level). On the flip side, a breach of 1.0969 (20-day sma) would expose 1.0902 (low Jan.20) and finally 1.0886 (55-day sma).
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Source:: FX Street