The EUR/CHF pair gained slightly yesterday after the losses incurred this week, where the pair declined sharply after the resignation of the Swiss National Bank president, yet recovered some of the losses yesterday as the Greek upbeat bond auction ran successfully.
Moreover, European leaders started this year attempting to solve the debt crisis; where after the German-Franco meeting earlier this week, the International Monetary Fund chief Christine Legarde joined the German Chancellor yesterday in a meeting in Berlin to discuss the mechanism of fighting back the debt crisis.
Optimism lasted yesterday after the International Monetary Fund reassured that Greek swaps should contain 50% write-downs of the Greek bonds.
Today, with the lack of major fundamentals from the Switzerland and the euro area region, the pair could fluctuate heavily within narrow levels ahead of the German bond sale awaited at 10:15 GMT
Auctions:
Germany will sell bonds at 10:15 GMT.
Originally posted here
