The Swiss franc appreciated vis-à-vis the U.S. dollar last week as the greenback tested bids around the CHF 1.1155 level and was capped around the CHF 1.1350 level. The pair lost about 30 pips last week. SNB’s interest rate announcement is expected on Thursday. Some traders see higher rates and some traders see no change. SNB pledged to supply the money markets with generous liquidity.

Data released in Switzerland last week saw November PMI improve to 63.4 from 60.7 in December and November unemployment rose to 2.7% from 2.6%.