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    EUR/CHF reverses from 1.0900, drops to session low of 1.0835

    The shared currency turned lower against the Swiss Franc with the EUR/CHF pair reversing all of its recovery gains to 1.0900 level to currently trade at session low level.Rising Brexit fears had been the key factor driving safe-haven flows to the Swiss Franc, making it a relative outperformer against its European counterparts. However, global risk-on sentiment, led by receding fears of the UK leaving the European Union, provided some respite for the shared currency and assisted the EUR/CHF cross to post recovery from over 6-month low level touched in the previous week.Meanwhile, the shared currency failed to benefit from today's surprisingly stronger-than-expected reading from German ZEW Economic Sentiment that rose to its highest level since August 2015.Next in focus would be ECB President Mario Draghi's testimony on monetary policy before the European Parliament's Economic and Monetary Affairs Committee, in a short while from now.Technical levels to watchFrom current levels, the cross seems to continue drifting towards 1.0820-1.0800 support, which if broken might expose recent lows support around 1.0780-75 support area. Failure to bounce-off recent lows now seems to open room for extension of the pair's near-term downward trajectory.On the upside, 1.0880-1.0900 now become immediate resistance and is closely followed by the very important 200-day SMA resistance near 1.0925-30 region. Only a sustained move back above this important resistance might negate near-term bearish bias and assist the pair to post additional recovery in the near-term.


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