ZURICH: The Swiss franc hovered on Monday, just off an eight-month high against the dollar after the greenback fell broadly on Friday.
"The dollar is unlikely to make up much ground in the days ahead," said Mitul Kotecha, head of foreign exchange strategy at Credit Agricole.
"Running into the end of the year it is clear that the dollar is turning into the biggest loser. In part this reflects year end flows but also the dovish Fed stance and uncertainty about a resolution of the fiscal cliff."
Since Friday, the Fed's $85 billion-a-month programme to buy mortgage-backed securities and Treasuries has weighed on the U.S. unit.
That counteracted fears over a looming U.S. fiscal crisis known as the fiscal cliff, which could trigger automatic spending cuts and tax increases. These concerns have has been supporting the dollar, seen as a safe-haven currency.
The franc was down 0.1 percent at 0.9186 against the dollar at 0952 GMT compared to the New York close on Friday.
The franc was flat against the euro at 1.2087. "On Friday, USD/CHF slipped through the 0.9240/15 support area where the past three months lows were made," said Commerzbank analyst Axel Rudolph.
"It briefly made an eight-month low at 0.9145 this morning before recovering. While this level underpins, the 0.9210/40 resistance could be revisited."
