The Swiss franc surged to a fresh 10-month high against the euro on Friday, as the European currency slipped against several major currencies on intensifying concerns about Greece's fiscal health. The franc breached the 1.47 per euro mark many in the market regarded as the Swiss National Bank's intervention threshold. Against the greenback, the franc weakened to towards a near five-month low hit the previous session.

"It's chiefly euro weakness," said Ursina Kubli, currency strategist with Sarasin. She noted that the franc had crossed the 1.47 per euro mark with no apparent response from the SNB, which on January 11 reiterated that it would counter any "excessive" appreciation of the franc against the euro.

Copyright Reuters, 2010