Consumer prices in Switzerland fell for the sixth consecutive month in August, with the headline reading for inflation tumbling 0.8% from the previous year. Meanwhile, the CPI increased 0.1% from the previous month amid expectations for a 0.2% rise, with lower commodity prices leading the decline. As the outlook for growth and inflation remains weak, the Swiss National Bank is widely expected to hold the benchmark interest rate at 0.25% throughout the second-half of the year, and may continue to intervene in the currency market in an effort the steer the nation out of recession. As a result, we are likely to see the EUR/CHF remain support above the1.5100 level over the near-term, and we may see the pair continue to hold a broad range going forward as the SNB pledges to stem the appreciation in the exchange rate.