The Swiss Franc fluctuated heavily after the news that Swiss National Bank chief Philipp Hildebrand resigned today on Monday after growing criticism of the controversial currency trade by his wife in August despite that the independent probe from the SNB cleared the chief of any wrongdoing.

Hildebrand came under pressure and criticism over $504,000 dollar purchase by his wife last year in August only three weeks ahead of the imposed franc ceiling by the SNB.

Clearly the news is mixed for the franc till now and the immediate reaction was bullish on the franc versus the dollar and the euro considering that it lost of the arch supporters to stem the franc's rally on the three-member board.

In the news conference following the decision Philipp Hildebrand said that he is proud of the SNB achievements and said that the bank made important contribution to financial stability. He reiterated the commitment to the 1.20 set franc ceiling versus the euro and said that the SNB will defend the cap with utmost determination.

Hildebrand said that the past three weeks were difficult times for him and his family and said that the heated debate over the transaction prompted him to quit and that he leaves without any resentment.