The Swiss franc rose against the euro on Monday, climbing back towards the previous week's record high and some strategists forecast further gains versus the common currency as eurozone debt woes lingered. Against the greenback, the franc gained a touch on Monday.
The franc rose as much as 15 percent against the euro this year, as worries about eurozone debts prompted investors to seek out safer bets. The Swissie soared to an all-time peak of 1.2435 per euro on December 22, according to Reuters data. The franc was up 0.1 percent against the euro compared to Friday's New York close, trading at 1.2608 per euro. The franc was up 0.4 percent against the dollar at 0.9581 per dollar.
"The Swiss franc has reached new historic highs amid eurozone woes and demand for fundamentally strong currencies," UBS wrote in a research note. "Overall positioning does not look extreme yet but your flow data indicates hedge funds have been buying near record amounts."