The dollar was able to push above the 1.28 level following the Fed's interest rate
decision...

... and the Swiss currency was broadly weaker against the Euro. The US dollar,
however, weakened back to 1.2720 against the franc in early Europe on Wednesday
while the franc regained some ground against the Euro and subsequently pushing below
1.27 against the dollar.

The yield considerations will remain negative for the Swiss currency following the
US interest rate decision. Short-term US rates are now at 3.75% while Swiss rates
are at 0.75%, increasing the temptation to sell the Swiss currency on short-term
yield considerations.

Levels of risk aversion will, however, need to be watched closely in the short term
and there are likely to be further fears over the threat of a fresh hurricane in the
Gulf of Mexico. Market caution is likely to offer near-term support to the Swiss
currency.

www.investica.co.uk