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Swiss Franc Spikes Up Against Most Majors

The Swiss franc edged higher against most of its major rivals ahead of the European session on Friday. The franc usually tracks movements of euro, which edged higher on ECB President Mario Draghi's comments that the eurozone recovery would come in the second half of 2013. Draghi also expressed satisfaction over the Greek deal and affirmed that it would help Greece to stay in the eurozone.

The Swiss franc advanced to 89.31 against the yen, its strongest since April 27. The franc also jumped to a 6-week high of 0.9248 against the US dollar and tested yesterday's multi-day high against the pound, rising as much as 1.4847. On the upside, the Switzerland currency may find target levels at 0.9220 against the greenback, 1.4825/30 against the pound and 89.50 against the yen.

by RTTNews Staff Writer

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