By FX Empire.com
The pair continued to fluctuate within the same range where the franc had the upper hand and drove the pair to the downside despite the euro’s strength.
The franc’s appreciation against the dollar and other major currencies supported the EUR/CHF to move to the downside despite the spread optimism that the EU is moving forward and will be able to contain the debt crisis.
The Slovak setback did not hold the gains much for the euro as the market soon rebounded supported by European Commission President Jose Barroso presented plans to recapitalize banks and said that governments must maximize the capacity of the EFSF.
Slovakia’s political parties also reached a deal on the EFSF and that the next vote due also this week will see the ratification of the new powers of the EFSF which will help sustain the gains for the euro in the coming period versus the franc.
On Thursday Switzerland will release the Producer & Import Prices for September at 07:15 GMT after it was reported with 1.2% drop in August and with 1.9% drop on the year.
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