EUR/CHF in a Tight Range Around 1.1050
The Swiss franc is gathering steam vs. its European peer on Wednesday, with EUR/CHF trading on the defensive in the mid-1.1000s so far.
EUR/CHF down as risk-on trade fades
Poor figures from the Chinese manufacturing PMI and a continuation of the soft tone in crude oil prices are impacting on the risk-associated space today, giving extra legs to the Swiss safe haven and prompting the cross to extend its rangebound theme near 1.1050.
On the data front, Swiss Q1 GDP figures have surprised to the downside, showing the Alpine economy has expanded 0.1% QoQ and 0.7% on an annualized basis, while Retail Sales and the SVME PMI are expected later in the session.
EUR/CHF significant levels
As of writing the cross is losing 0.13% at 1.1054 and a break below 1.1030 (low May 25) would aim for 1.1005 (low May 13) and finally 1.0984 (55-day sma). On the other hand, the next up barrier is located at 1.1137 (high May 20) followed by 1.1172 (high Jan.29) and then 1.1211 (2016 high Feb.4).
