The Swiss franc traded near flat against the euro on Wednesday and is expected to lose ground against the currency in the run up to the Swiss National Bank's interest rate decision next week. "The euro will rise against the franc to the 1.53 area ahead of the SNB meeting as the SNB is likely to stick to its message of no imminent change in monetary policy," said Credit Suisse analyst Marcus Hettinger.
The franc was largely unchanged against the euro compared with the New York close, trading at 1.5173 per euro. The franc was also near flat against the dollar at 1.0473 per dollar. "We expect to see more downside for the dollar against the franc and see it trading at 1.02 on a three-month horizon due to a lack of interest rate support and high deficits in the United States," Hettinger said.