CHF/USD Fundamental Outlook at 1500 GMT (EST + 0500)

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0285 level and was capped around the CHF 1.0385 level.  The pair lost 2.98% in 2009.  Data released in Switzerland yesterday saw the December KOF leading indicator improve to 1.68 from 1.62 in November.  KOF, however, also reported the Swiss economy will significantly lose momentum in the coming months.   Data released in Switzerland this week saw the UBS November consumption indicator rise to 1.28 from 0.88 in October.  This represents the third consecutive monthly increase, evidencing an increase in consumer spending.  U.S. dollar offers are cited around the CHF 1.0615 level.  The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.4855 level while the British pound appreciated vis-à-vis the Swiss franc and tested offers around the CHF 1.6700 figure.