ZURICH, July 4 - The Swiss franc was treading water in routine trading on Wednesday. Dealers said narrow ranges would probably prevail with the U.S. market closed for the Independence Day holiday.
The dollar was trading at 1.7977/87 francs, barely changed from 1.7975/80 late on Tuesday. The euro crept up to 1.5229/32 francs from 1.5215.25.
Attention was still focused on Thursday's meeting of the European Central Bank's rate-setting council, but the market was not expecting any change.
Dealers have said the euro would be in for a tough time if the ECB council meeting did not decide on an rate cut to help the flagging euro zone economy .
But UBS Warburg said in its daily markets bulletin that the euro could gain on the franc as perceptions grow that the Swiss economy is far weaker than anyone would have expected at the start of the year.
But if the ECB does not cut rates soon, the Swiss National Bank may also keep rates steady, it said, adding ""it could well be that the pro-active (rate-cutting) days of the SNB are a story of the past".