The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 0.9870 level and was capped around the CHF 0.9990 level. Technically, today’s intraday high was right around the 23.6% retracement of the move from CHF 1.1105 to CHF 0.9645. The Swiss government today raised its 2008 inflation forecast to 1.7% from 1.6% and reduced its 2009 GDP growth forecast to 1.5% from 1.7%. U.S. dollar offers are cited around the CHF 1.0375 level. The euro and British pound weakened vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5665 and CHF 1.9650 levels, respectively.