EURCHF drops as IMF quits Greece-creditors talks
The International Monetary Fund team had quitted talks in Brussels after they failed to reach a compromise deal with the Greek government concerning labor reforms.
In addition, European officials have accused the Greek government of gambling and mentioned the time for compromise deal is over.
Majority of Germans (51%) prefer to see Greece out of the eurozone, while 70% think Europe should not provide more concessions in the current bailout talks, a new polling from German broadcaster ZDF showed.
The worries from Greece have sparked concerns in markets as Athens would default on a 1.6 billion euro debt payment due at the end of this month, and would eventually exit the euro area.
Some investors opted to hold the Swiss franc as a safe haven at the expense of risky assets, thereby pushing the EURCHF lower.
The 4-hour chart shows the drop in the pair to a low of 1.0448, yet it found some support from the Bollinger bands lower line.
While the Stochastic Oscillator signals the pair is oversold, it still gives no sign of a turnaround.
Key support for the pair is located at 1.0440 while key resistance is found at 1.0487.