2014.04.2505:48:00UTC+00Swiss Franc Climbs Against Most Majors

The Swiss franc advanced against most major currencies in early European deals on Friday, as weakness in European stocks lifted the appeal of safe-haven assets.

Ukraine worries intensified after its troops killed five pro-Moscow rebels on Thursday and Russia commenced military drills near the border. U.S. Secretary of State John Kerry accused Russia of failing up to commitments and warned that the window for Moscow to change its course in Ukraine was closing.

Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, told today that Swiss franc remains still high, which poses threat of deflation.

"With interest rates close to zero and a Swiss franc which is still high, the minimum exchange rate continues to be the SNB's most important monetary policy instrument for ensuring appropriate monetary conditions," Jordan said at the meeting of shareholders of the Swiss National Bank in Berne.

The franc advanced to 1.2186 against the euro and 1.4801 against the pound. The next possible resistance for the franc lies around 1.47 against the pound and 1.21 against the euro.

The franc rose to 0.8807 against the greenback, its highest since April 23. This may be compared to yesterday's close of 0.8813. If the franc extends gain, it is likely to face resistance around the 0.875 zone.

Looking ahead, the U.S. flash services PMI and Reuters/University of Michigan's final consumer sentiment index for April are set for release in the New York session.