FXStreet (Mumbai) - The EUR/CHF cross dropped sharply to 1.08 handle following the Swiss National Bank’s (SNB) unchanged rated decision, which was widely expected. SNB maintains “Still Overvalued” tune. Currently, the EUR/CHF pair trades -0.28% lower at 1.0808, heading for a retest of 1.0802 struck shortly after SNB policy announcement. The Swiss franc regained momentum versus its European peer after reversing the knee-jerk to pre-SNB levels and jumped higher once again as markets digest the latest SNB’s rates on-hold decision. Also, SNB reiterated its willingness to intervene in markets as Swiss franc still remains significantly overvalued, which keeps a lid on the gains in the CHF versus the euro. At its latest monetary policy decision, SNB affirmed -0.75% interest rate on sight deposits and held 3-M libor target range at -1.25% to -0.25%. EUR/CHF Technical Levels To the upside, the next resistance is located 1.0840 (50-DMA) levels and above which it could extend gains to 1.0864 (100-DMA). To the downside, immediate support might be located at 1.0790 (Dec 9 Low) and below that 1.0771 (Dec 3 Low). For more information, read our latest forex news.