Swiss franc moves toward all-time high

The Swiss franc moved back towards the all time high hit against the euro in July, as investors remained wary of taking on risk due to mounting concerns about the global economic recovery. The franc, seen as a safe-haven currency, has risen strongly in recent sessions, making up much of the ground it lost in July, as investors have become more cautious about taking on risky positions due to economic uncertainty.
At 0708 GMT, the franc, traditionally seen as a safe-haven currency, was trading at 1.3125 per euro compared with Friday's New York close of 1.3139 as it edged back towards the all-time high of 1.3070 per euro hit on July 1. The franc was flat against the dollar at 1.0336 per dollar. "The franc is still being sought as a safe play," a trader in Zurich said. "If equity markets come under pressure, we could test the 1.30 mark," he said.