By | March 26 2009 10:27 AM

The National Bank will continue to protest strongly against significant Swiss franc gains as it continues to battle deflation fears and a deepening recession. The franc has regained some composure since the massive declines following initial SNB intervention earlier in March, but the potential for gains looks very limited. There is likely to be strong Euro support close to 1.52 given the continuing intervention threat. Solid dollar support should also be seen on dips to 1.1140 against the franc.