The EUR/CHF is still caught within a tight trading range and lacks momentum to move with the high uncertainty and volatility seen in the market.
Thursday will be dedicated to the first ECB, where new President Mario Draghi will chair his first policy meeting and the bank is expected to keep rates at 1.50% and the decision will be announced as usual at 12:45 GMT.
The decision will be followed by the usual press conference, but this time will be for Mario Draghi at 13:30 GMT as investors will be looking for any signals from the new president and the rhetoric that he will take from now on.
We do not expect the pair to move strongly on the news, especially that any signal for a rate cut from Draghi that the market awaits limits the scope for the pair to move lower with the strong SNB grip. Nonetheless, the dollar strength would return and might pressure swissy further to the downside and that might affect the pair, yet all in all we still see the limited range movement dominant for the pair.
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