EUR/CHF bounces off marginal new low

FXStreet (Córdoba) - EUR/CHF edged higher after hitting yet a marginal new 2-year low just a few pips above the Swiss National Bank floor.

EUR/CHF turned higher after hitting a low of 1.2007 and climbed to a daily high of 1.2014. EUR/CHF is going through a sideways phase in a lower range, after breaking below the 1.2040 support area earlier this month on the back of a dovish European Central Bank.

However, the Swiss National Bank has reiterated it will defend the 1.2000 floor with utmost determination, making investors refrain from pushing EUR/CHF lower.