Forex: EUR/CHF rebounds from 1.2040

FXstreet.com (Barcelona) -The Swiss franc has resumed its depreciation against the single currency on Monday. The pair is now bouncing off levels sub 1.2040, after printing fresh highs above 1.2050 before the European markets kicked in.
The pair continues to grind lower from its recent highs above 1.2180 in mid September, on its way to the comfort zone around the SNB target, at 1.2000

Ahead of this week's publication of the Q3 GDP figures in Switzerland, and with the likeliness of the Alpine economy to technically slip into recession, M.Mohi-uddin, Strategist at UBS, argued "That has caused speculation the Swiss National Bank may consider raising its floor target in EURCHF from 1.20. But we think that is unlikely". That was reinforced by recent comments by SNB officials defending the floor - Jordan, Danthine and Zurbruegg.

The pair is now up 0.08% at 1.2044
Next resistance levels line up at 1.2053 (hourly high Nov.27) followed by 1.2063 (MA100d) and then 1.2068 (high Nov.12).
On the flip side, a breach of 1.2034 (low Nov.26) would open the door to 1.2007 (low Jul.23) and then 1.2000 (SNB Target Rate - Sep.6).