The Swiss franc traded little changed against the euro and the dollar on Monday but the Swissie was seen losing ground later in the session as risk aversion, which typically supports the franc, is expected to ease.
"We have a recovery and investors are taking more risks. Carry trades are coming back, so the dollar and the euro are likely to be stronger versus the franc," Clariden Leu's Sandro Baechli said.
The franc was trading little changed against the euro compared to the New York close on Friday at 1.6083 per euro. Against the dollar, the franc was slightly stronger at 1.0157 per dollar. Equity markets have rallied recently on hopes that the global credit crisis may have reached a turning point, putting pressure on safe-haven assets such as the franc and bonds.