CHF at New Record vs. USD, Gains vs. Other Currencies

The Swiss franc rallied against all most-traded currencies as downgrade of the US credit rating and concerns about the future of the European debt made investors unwilling move from the safety of the franc to riskier assets.
TSR television reported that the Swiss government is going to have extraordinary meeting today in order to discuss the strength of the nation’s currency. It’s clear that the Swiss policy makers aren’t happy with the gains of the franc and are going to push the currency in the opposite direction. Unfortunately for them, Forex market won’t likely support their attempts.
The franc showed today a good performance against all major currencies with the exception of the yen. The yen is also considered a safe currency. Perhaps Forex traders want to diversify their portfolio of safe assets. Anyway, currently the franc erased its losses against the yen and emerged as a winner of the day versus all counterparts.
USD/CHF dropped from 0.7592 to 0.7542, while earlier it posted the record low of 0.7482, and EUR/CHF slipped from 1.0941 to 1.0720 as of 17:01 GMT. CHF/JPY went up from 102.68 to 102.91, following the drop to 101.61.

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