The Swiss franc had initially been keeping more steady to start the session

EUR/CHF D1 27-01

The pair is now down to session lows of 1.0690 as the franc is advancing slightly after keeping more flat during European morning trade earlier.

There was the argument of potential SNB intervention and positive developments in Italian politics helping to offset against the negative risk rhetoric, but ultimately it seems like the latter is starting to win out with USD/CHF also back near 0.9700.

For EUR/CHF, there is little in the way from here and a move towards 1.0620-40 region from the 2016 and 2017 lows.

The overall risk mood continues to be highly pessimistic at the moment with European equities down by ~2% across the board and US futures also down by ~1.3%. Meanwhile, US 10-year yields are down by 6.6 bps to 1.618% currently.