The euro is struggling on all fronts today but technically, EUR/CHF is the most interesting.
The pair is down 90 pips today to 0.9974. That's just above the March low of 0.9970. Beyond that we have to go back to the depths of the rug-pull from the Swiss National Bank in 2015.
Given the SNB's propensity to intervene, this isn't a real market so I wouldn't put too much weight on the technicals. That said, the SNB surprised markets with a 50 basis points hike this month and indicated they're not done. At the same time, the eurozone economy looks more vulnerable than the Swiss economy to a fundamental slowdown.
It's tough to like the euro on any front right now but I do have to caution against any moves this close to quarter end. I think the trend is the right direction here but it's tough sell until the calendar turns and the March low breaks.
