Reasons for more EURCHF downside

via Bloomberg

Seeing the rise in SNB deposits makes me think the SNB face another uphill battle to keep the EURCHF pair supported.

An article from Bloomberg just out supports the same outllook seeing downside ahead for the EURCHF. Here is the rationale:

1. Recent EURCHF highs were hit in early June on the European recovery program. Recent price has been ranging

2. European COVID-19 cases are edging higher.

3. Seasonal factors (cold climate, less ventilation) make a spread of COVID-19 likely in Europe.