The Swiss franc weakened against the dollar in early trade on Monday as a broad retreat from last week's peaks in the safe-haven currency continued.
Traders were eyeing Swiss industrial orders for the fourth quarter, due out at 0815 GMT, which are expected to confirm that the Swiss economy is in a modest recovery mode. A strong reading was set to underpin the Swiss currency, traders said.
The dollar last traded at 1.2704/08 francs, up from levels around 1.2620 late on Friday. The euro was steady at 1.5584/90.
The Swiss National Bank indicated last week that it was happy with the level of the franc and made no reference in its quarterly policy review to safe-haven flows into the currency in the wake of the Madrid bombings earlier this month.