EUR/CHF: Franc rebounds on upbeat Swiss data

FXStreet (Mumbai) - EUR/CHF slipped from close to weekly highs and inched lower during the European session, largely on Swiss franc strength across the board backed by upbeat Switzerland’s industrial production data.

EUR/CHF falls from 1.0797 levels

Currently, the EUR/CHF traded -0.32% lower at 1.0740 levels, retracing from session lows posted at 1.0733 levels some hours ago. The pair tanked in the European session largely as the Swiss franc recovered from weekly lows versus the shared currency after Swiss industrial production surged 2.7% in the final period year-on-year, from 0.7% previously. The pair eased from lows as the single currency remains supported on buoyant German labour market report.

Meanwhile, EUR/CHF extends its recovery mode after the revocation of a cap rate and general intraday downtrend persists until 1.0797 levels is breached.

EUR/CHF Technical Levels

To the upside, the next resistance is located at 1.0797 levels and above which it could extend gains to 1.0815 levels. To the downside, immediate support might be located at 1.0690 levels and below that at 1.0626 levels.