The Swiss franc weakened against its major counterparts in the European session on Wednesday, as European stocks recovered following a sell-off in the previous session, with strong earnings from Ericsson and Logitech helping lift sentiment.

Ericsson reported fourth-quarter core earnings above expectations driven by strong demand for telecoms equipment for 5G networks.

Investors await the Fed meeting beginning later today for more hints about the timing and pace of rate hikes for this year. Oil prices rose amid concerns about supply disruption on the back of escalating tension in Eastern Europe and the Middle East.

U.S.-Russia tensions are in focus, after President Joe Biden held a video conference call with European leaders to discuss the security situation on the border of Ukraine.

The franc declined to 0.9202 against the greenback, registering nearly a 2-week low. The franc is seen finding support around the 0.94 level.

The franc reached a 4-day low of 1.2399 against the pound, down from Monday's close of 1.2309. Next key support for the franc is possibly seen around the 1.26 level.

The franc fell to a 5-day low of 1.0386 against the euro, compared to yesterday's closing value of 1.0334. The franc is likely to find support around the 1.05 region.

The CHF/JPY pair touched 123.86, its weakest level since December 23. The franc may find support around the 122.00 area.

Looking ahead, U.S. consumer confidence index for January, FHFA's house price index and S&P/Case-Shiller home price index for November will be out in the New York session.

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