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EUR/CHF bounces off 1.0950

FXStreet (Edinburgh) - After bottoming out just below the 1.0950 area, EUR/CHF has sparked a correction higher to the current 1.0970 area, closer to session highs near 1.0980.

EUR/CHF trims losses post-SNB

The Swiss franc is surrendering part of the initial gains posted after the SNB reiterated its monetary stance at today’s meeting, leaving rates unchanged and stating that CHF still remains overvalued.

Further information on the domestic economy came in from the Swiss government, which now expects the economy to expand 0.9% in 2015 and 1.6% during the next year, a tad lower than previous projections.

EUR/CHF relevant levels

At the moment the cross is up 0.01% at 1.0967 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).

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