The upper hand remained for the yen which is, so far, the biggest winner this week amid the undergoing tensions which led to tremendous drop in stocks and turbulence in financial crisis to levels near the 2008 credit crisis.

The haven demand on the yen saps efforts down by the BoJ to halt the yen's appreciation, while, on the other hand, the franc managed to avoid this trap as the latest monetary intervention by the SNB and announcements managed to push the franc from record high against the dollar and euro.

Yesterday, the franc rose sharply after the SNB Vice President Thomas Jordan said that there are talks about pegging the franc as the bank face mounting difficulties to halt the franc's appreciation which poses a threat to the development of the economy in Switzerland and has further increased the downside risks to price stability, according to the SNB.

The franc slipped against the euro despite the grim reports released today, showing that the ECB may cut interest rate next month to boost the faltering recovery.

France, the second-largest economy in the euro zone, witnessed a stall in its growth pace in the second quarter, lingering at 0.9%, below forecasts of 1.2% expansion; while the debt-laden Greece recorded economy 6.9% contraction in the second quarter compared with the same period a year before.

By the same token, euro-area industrial production plummeted 0.7% in June from the prior 0.1% advance.

However, the euro succeeded in trimming its losses against the dollar after France, Spain, Italy and Belgium imposed bans on stocks short selling for 15 days to lower the turbulence in European markets. The announcement gave a bounce to European shares which rebounded from 2 1/2-year low.

Concerning the EUR/CHF pair, it rebounded for the second day to trade around 1.0980, where it recorded a high of 1.1046 a low of 1.0683.

Moreover, the dollar remained under pressure against a basket of major currencies ahead of the release of U.S. consumer confidence report which is expected to show a drop to the lowest level in more than two years.

Concerning the USD/JPY pair, it continued its plunge for the Sixth consecutive session to trade at 76.56 after touching a high of 77.01 and a low of 76.52.

The trading range for today is among key support at 74.25 and key resistance now at 79.55.

Moving to the British pound, it advanced against majors except the yen. Versus the dollar, the pair rose to 1.6270, yet worries remain predominant after the BoE has indicated in their quarterly inflation report that growth outlook is weaker and inflation will decline below target in the medium term.

So far, the pair has recorded a high of 1.6297 while the lowest level was depicted at 1.6164, whereas the trading range for today is among key support at 1.5880 and key resistance at 1.6550.