EUR/CHF retreats to 1.0850, EU Summit on focus

EUR/CHF has now returned to the negative territory after a failed attempt to clinch the area of 1.0880 on Wednesday.

EUR/CHF attention to EU Summit

The cross keeps the trade within the recent range, finding quite decent support around the key 200-hour sma, today located at 1.0835.

Ahead in the session the focus of attention will remain on the discussions of the recent ‘Brexit’ vote in the UK under the EU Leaders Summit in Brussels.

After two consecutive sessions with gains, the cross is now attempting a correction lower following a pick up in the selling interest around the single currency.

Earlier in the day, Switzerland’s Consumption Indicator tracked by UBS has come in at 1.35 for the month of May vs. 1.24 previous, while German inflation figures are expected later.

EUR/CHF significant levels

As of writing the cross is losing 0.17% at 1.0847 and a break below 1.0700 (low Jun.27) would aim for 1.0610 (post-Brexit low Jun.24) and finally 1.0524 (low Jul.31 2015). On the other hand, the next resistance lines up at 1.0887 (20-day sma) followed by 1.0924 (200-day sma) and then 1.0977 (55-day sma).