The EUR/CHF was little affected last week despite the ongoing volatility in financial markets and Greek surprises which dominated financial markets.
Investors still are not approaching the pair and it lacks the momentum needed to change the trend and remains in a tight trading range pending any comments or movements from the SNB.
We only saw the pair move higher on comments from SNB board member Jean-Pierre Danthine saying the SNB did not take the 1.20 floor decision lightly and will take further measures if the economic outlook and deflationary risks so require.
This leaves the focus on this week’s data from Switzerland as the ongoing developments in the euro area certainly do not affect the pair even as Greece last week neared its complete collapse after a surprise referendum call early in the week that died to the end of it.
Eyes will be on the unemployment and inflation figures from Switzerland and certainly the developments in Greece as the markets will come from the weekend to the final defined status for the Greek government whether it survives a confidence vote and whether Papandreou does indeed step down to allow for a coalition government.
Other news from the euro area and the Swiss economy to affect the pair this week:
Monday November 7:
As of 06:45 GMT, the Swiss economy will release unemployment for the month of Oct. followed by CPI, specifically at 08:15 GMT, for the same month, while the United States lacks fundamentals.
The euro area will start the week at 10:00 GMT with the retail sales index for September, which is expected to expand by 0.1% from the previous drop of 0.3% over monthly basis. In addition, the annual retail sales index is expected to drop by 0.3% from the prior drop of 1.0%.
Tuesday November 8:
At 06:45 GMT, the Swiss economy will release the last data this week which is SECO consumer confidence for Oct, where the U.S. has no releases.
Furthermore, the trade surplus could have expanded to 12.5 billion euros from 11.8 billion euros.
Wednesday November 9:
Both nations are not queued to release any major fundamentals leaving the focus on the market sentiment and ongoing developments.
Thursday November 10:
At 09:00 GMT the euro zone will join the session with the European Central Bank’s monthly report.
Friday November 11:
Both nations are not queued to release any major fundamentals leaving the focus on the market sentiment and ongoing developments.
