ING Research discusses EUR/USD and EUR/CHF tactical outlook.

"EUR/USD seems to have sunk into a new 1.0400-1.0600 trading range and it feels that if the ECB were to start briefing on the chances of a 50bp hike in July, the euro would not get much of a lift anyway," ING notes. 

"Elsewhere, EUR/CHF is trading comfortably below 1.00. CHF sight deposit data hints that the Swiss National Bank might have sold CHF5-6bn from its FX reserves in order to get EUR/CHF lower - nominal CHF appreciation now being a central part of the Bank's monetary policy strategy. Given the size of SNB FX reserves, we believe the SNB can be on both sides of EUR/CHF to guide it gently lower - perhaps seeing realised and then implied volatility fall too," ING adds.