The Swiss franc hit an all-time high versus the euro on Wednesday and some said it could rise even further unless the central bank took action as worries about eurozone debt mount, prompting investors to shun risk. "Unless the Swiss National Bank intervenes against the franc by leaving intervention amounts in the system, the Swiss franc will continue marching higher," analysts at BNP Paribas said in a note.
The franc was trading 0.2 percent lower against the euro at 1.3044 giving up some of its earlier gains when it hit an all-time high of 1.2985 that broke through the previous record high hit at the start of July. "There is every possibility that the euro-Swissie may fall further. It is not helped today by the fact that S&P have downgraded Ireland," a Zurich-based forex trader said.
The Swissie rose some 10 percent in the first six months of the year due to concerns about sovereign debt in the eurozone and the downgrade of Ireland by Standard & Poor's has revived these worries. Against the dollar, the franc was 0.3 percent stronger at 1.028 per dollar, hovering close to a 7-month high.
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