Forex Pros – The euro tumbled to a new all time low against the Swiss franc on Monday, as last months policy shift away from excessive intervention to slow the franc’s gains by Switzerland's central bank continues to weigh on the euro. EUR/CHF hit 1.3381 during European afternoon trade; an all time low; the pair subsequently consolidated at 1.3385, plunging 1.09%. The pair was likely to find support at 1.3300 and resistance at 1.3457, last Friday’s low. Earlier Monday, Swiss National Bank board member Jean-Pierre Danthine was quoted in the l'agefi newspaper as saying deflationary risks have disappeared and Swiss exports have remained robust in spite of the stronger franc. The euro was also down against the U.S. dollar, with EUR/USD shedding 0.19% to hit 1.2346. Earlier Monday, official data showed that the euro zone's M3 money supply dropped unexpectedly in May. In a report, the EU statistics agency said M3 money supply in the 16-nation region dropped 0.2% during the month, after a drop of 0.1% in April. Economists had expected growth of 0.2% in May.

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