On Thursday, there are two crucial monetary policy decisions to watch for – ECB's monetary policy meeting and SNB's interest rate decision.
The two central banks are expected to maintain their underlying interest rates unchanged, which means that they will remain at 0.00 and -0.75 per cent, respectively.
Thus, the Swiss franc is likely to be disadvantaged against the euro, which would enjoy a somewhat more favourable monetary policy.
The EURCHF pair is currently consolidating below the upper-boundary of the accumulation range on the 1D chart.
The price has already failed to breakout above the 23.6 per cent Fibonacci retracement level at 1.09572 three times.
Nevertheless, the expected volatility around the releases of the two interest rate decisions is likely to prompt heightened trading action, which could prove enough to create a new Markup stage.
EURCHF 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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