The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 0.9910 level and was supported around the CHF 0.9785 level. The pair established a new lifetime low yesterday before retracing some gains. Data released in Switzerland today saw Q4 industrial production rose 9.1% y/y, down from 10.9% y/y in Q3. The franc has been bid to multi-decade highs recently as short franc carry trades have been unwound. U.S. dollar offers are cited around the CHF 1.0105 level. The euro and British pound gained ground vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.5625 and CHF 1.9980 levels, respectively.