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The Swiss francs and euro

The EUR/CHF was slightly biased to the downside with the start of the week despite the strong euro weakness as both currencies lost grounds against the dollar and investors remain cautious ahead of the SNB decision.

The market was under heavy pressure with the start of the week as Moody’s warned the EU nations of downgrades and they will be under review in the first quarter of the coming year and adding to the negativity by saying the summit did not provide a breakthrough in solving the crisis, which to investors signaled eminent downgrades in the coming period that could further complicate the crisis.

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The outlook is still mixed for the pair ahead of the SNB decision this Thursday and although the bias is clearly above the 1.20 floor and still favored to the upside a decision from the SNB to take further measures to weaken the franc will define if the pair will rally higher or remained confined at the current tight trading range.

More volatility is expected on Tuesday and Switzerland will start the day early at 06:45 with the SECO December 2011 Economic Forecasts.

Germany will start the session at 10:00 GMT with the ZEW Survey for December, where the current situation previous reading was 34.2, while the economic sentiment is expected to improve slightly to -55.0 from the previous -55.2.

The euro zone will also provide ZEW survey for the economic sentiment for December, where the previous reading was -59.1.

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