The Swiss franc has fallen sharply following reports that the Swiss National Bank is planning to set a temporary target range for the currency's exchange rate with the euro.
The franc hit all-time highs against the euro and the dollar last week as investors sought out safe assets amid market turmoil and fears about government debt.
The Swiss currency opened 2.9 % lower against the euro Monday.
The euro was worth 1.1408 francs by mid-morning in Zurich, up from a record low of 1.007 francs last Tuesday.
Meanwhile, the dollar was up 2.5 % at 0.7976 francs.
The Swiss media reported at the weekend that the SNB is planning further measures to weaken the overvalued franc.