Franc Rises vs. Euro, Breaks Ceiling

The Swiss franc broke thorough the cap against euro for the first time it was introduced half a year ago. The currency fell against the US dollar for the fourth consecutive trading session.



The franc rose past the ceiling of 1.20 versus the euro for the first time the Swiss National Bank introduced it in September last year. It was no surprise to market analysts as the currency was steadily rising since the initial slump after the introduction of the cap. All previous interventions of the SNB were unsuccessful and it was just a matter of time before the current one would fail. Saying that, the introduction of the ceiling was the most successful attempt to intervene, for now.

EUR/CHF was at 1.2020 as of 13:15 GMT today after falling from 1.2035 to 1.1997 — the lowest since September 6. USD/CHF was up from 0.9158 to 0.9215.

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