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

The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.0680 level and was supported around the CHF 1.0615 level.  Swiss National Bank member Jordan yesterday indicated it is premature to raise interest rates from their near zero per cent level.  Jordan also reported the SNB will continue to prevent an excessive appreciate of the Swiss franc, adding the franc is seen as a safe haven.  Data released in Switzerland yesterday saw December real retail sales up 4.7% while the January unemployment rate rose to 4.5% from 4.4%.  U.S. dollar offers are cited around the CHF 1.0810 level.  The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.4650 level while the British pound came off vis-à-vis the Swiss franc and tested bids around the CHF 1.6620 level.