• EUR/CHF trades sideways near 0.9330 after a choppy week marked by the SNB monetary policy decision.
• Price action remains capped by a descending trendline and short-term moving averages.
• A sustained break below 0.9320 could open the way toward the 0.9300 psychological mark.

EUR/CHF is trading sideways on Friday, hovering near 0.9332 after a choppy week marked by the Swiss National Bank’s (SNB) monetary policy announcement. The cross has been unable to find strong directional momentum, with sellers keeping a modest upper hand as the pair clings to support just above the 0.9320 region.

The SNB on Thursday kept its policy rate unchanged at 0.00%, as widely expected, and signaled a neutral stance. Policymakers noted subdued domestic inflation and highlighted downside risks from slowing global growth and trade tensions, particularly from US tariffs on Swiss exports. While reiterating their readiness to step in to curb excessive Swiss Franc strength through FX interventions, they avoided hinting at near-term rate cuts.

The central bank projects inflation at just 0.2% in 2025 and 0.5% in 2026, underscoring weak underlying price pressure. At the same time, Switzerland’s growth outlook has softened, with Q2 Gross Domestic Product (GDP) slowing to 0.5% as export-oriented sectors felt the pinch of weaker foreign demand.
 

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Technically, EUR/CHF remains capped by a descending trendline from the August highs, while repeatedly finding support near 0.9320, forming a triangle chart pattern on the daily chart. The pair is trading just below the 21-day and 50-day Simple Moving Averages (SMAs) around 0.9347 and 0.9358, respectively, reinforcing a near-term downside bias. A decisive break beneath 0.9320 could open the door toward the next support zone near 0.9300.

On the upside, the descending trendline, combined with the nearby moving averages, creates strong resistance near 0.9350, with the next hurdle at the weekly high around 0.9368. Momentum remains soft, with the daily Relative Strength Index (RSI) hovering near 44, suggesting limited buying interest.

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