The Swiss franc fell against the euro on Wednesday as the euro pared some of its losses from the previous session after tumbling global stock markets spooked investors and encouraged them to flee to safety.
"There were big losses in the stock markets world-wide, especially in the United States and Europe. Risk aversion is pretty strong at the moment. What we are seeing today is a correction following yesterday's big movements," said RZB analyst Ronald Plasser.
The franc was not likely to gain against the euro today, said Plasser, who expects to see movement in the range of between 1.46 and 1.50 per euro in the coming days.
"There may be high volatility intraday but we don't expect much direction either upwards or downwards. We have a March target of 1.48," Plasser said. The franc was down 0.4 percent against the euro compared to the New York close, trading at 1.4772 per euro. Against the dollar, the franc was near flat at 1.1691 per dollar.