* EUR/CHF hits 1.0538 EBS low after breaking below 1.0548 (Monday's low)
* 1.0538 is the lowest level for 18 months (1.0505 was EBS low in May 2020)
* Wednesday's dovish steer from ECB President Lagarde is helping weigh on euro
* CHF is perceived as a good inflation hedge
* SNB FX intervention (selling CHF) helped define the EUR/CHF low in May 2020
* IMM speculators recently cut gross CHF longs to miniscule level
(Robert Howard is a Reuters market analayst. The views expressed are his own)
