The EUR/CHF pair has been trading sideways since the 25th of May 2016, with the price trading in a tight range between the levels of 1.1083 and 1.1038.
The European cross initially fell on Tuesday, but found enough support at 1.1030 to turn things back around and reach the daily high of 1.1074. Today, the pair consolidated around 1.1058. Downbeat reports from the Chinese manufacturing PMI and the falling crude oil prices are affecting the risk associated sentiment today, boosting the Swiss safe haven. Investors will be monitoring the Swiss retail sales and the SVME PMI due later in the session.
In the event that the price breaks below 1.1038, the pair could find support at 1.1016 and 1.1002 respectively.
Alternatively, in the scenario where the price breaks above 1.1083, the pair could reach 1.1094 and 1.1128 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.