The Swiss franc held steady at relatively firm levels against the dollar and the euro in early trading on Wednesday as security concerns continued to underpin the safe-haven currency. The dollar changed hands at 1.2583/88 francs versus 1.2595/2600 late on Tuesday, while the euro was unchanged at 1.5509/13 francs. The Swiss franc tends to firm in periods of geopolitical uncertainty as investors' appetite for risk diminishes. Credit Suisse said in a presentation on currencies on Tuesday it thought the franc would appreciate towards 1.52 francs against the euro in the next 12 months as interest rate differentials between Switzerland and the euro zone narrowed. "The franc appears undervalued," said Thomas Trauth, Credit Suisse head of Swiss fixed-income research. While he expected the currency to trade in a narrow range in the short term, renewed jitters about global security could boost the safe-haven franc at any time. UBS said in its daily note it was surprised by the speed of the appreciation of the franc against the euro. The euro was trading around 1.58 francs just two weeks ago -- prior to the bombings in Madrid and renewed tensions in the Middle East.///