Fundamentals

The Swiss franc appreciated vis--vis the U.S. dollar today as the greenback tested bids around the CHF 1.1265 level and was capped around the CHF 1.1385 level. A government official said Swiss National Bank and the government believe the economy can avoid a recession. U.S. dollar offers are cited around the CHF 1.1800 figure. The euro and British pound moved higher vis--vis the Swiss franc as the single currency tested offers around the CHF 1.5555 and CHF 1.9935 levels, respectively.