EUR/CHF trims losses to 1.0940

By FXStreet FXStreet (Edinburgh) – The single currency keeps the defensive stance vs. the Swiss franc, with EUR/CHF now testing the 1.0940/45 band after bottoming out near 1.0920.

EUR/CHF muted on Draghi, PMIs

The cross is keeping the composure following Draghi’s appreciations at the World Economic Forum in Davos, pretty much reiterating yesterday’s comments regarding monetary policy and the readiness of the ECB to implement further measures in case of need.

In the meantime, the risk-appetite trends continue to dominate the trade today, in detriment of safe haven currencies, which should favour further recovery in the cross. On the data front, flash manufacturing PMIs in France and Germany have disappointed expectations for the current month.

EUR/CHF important levels

As of writing the cross is down 0.10% at 1.0940 with the next support at §.0892 (20-day sma) followed by 1.0872 (100-day sma) and then 1.0852 (55-day sma). On the other hand, a surpass of 1.0986 (downtrend from 1.1058) would expose 1.1000 (psychological level) and finally 1.1058 (high Sep.10).
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Source:: FX Street