FXstreet.com (Barcelona) - The USD/CHF was little changed. Switzerland's economy contracted by the most since 2004 in Q4 2008, entering its first recession, measured by two consecutive quarters of decline, since Q1 2003, as exports fell and companies slashed spending.

The pair is supported by risk aversion and global banks' dire situation, said Hans Nilsson, analyst at CMS Forex. Switzerland has an unproportional large share of global banks and will not be able to bail out its oversized banking sector, if needed. This makes the Swiss franc vulnerable to further deterioration in the banking sector.

The pair has lost momentum and looked like it is rolling over. However, more problems for the banks would change that. There are resistance in the 1.18 area and support in the 1.15 area.