The Swiss franc pulled off the previous session's near six-week high on Tuesday and also weakened against the dollar as market participants took profits after a rise in risk aversion pushed up the franc. "It was quite extreme, the move in the last couple of days, and we're surely seeing some profit-taking," Jan Poser of Sarasin said, adding that the strong German growth data made the market's safe-haven positioning seem a bit exaggerated.
Commerzbank technical analysts, who see the franc tending towards 1.30 per euro within three months, said should the Swiss unit break through the 1.3260 mark of July 8, it could test 1.307 mark, its all-time peak versus the euro hit on July 1. The franc was down 0.3 percent against the euro compared to the New York close, trading at 1.3373 per euro. It had touched its highest level since July 8 on Tuesday. It eased 0.2 percent against the dollar to 1.0415 per dollar.