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At the Forex currency market Swiss Franc rate continues to move away slowly from the local highs on Monday. On the one hand, investors adopted "wait and see' attitude due to unresolved Greek issue, on the other hand, intervention from SNB is not excluded.

Forex forecast: MACD indicator for the pair USD/CHF has broken through the signal line from top to bottom and is in the negative area now, giving a sell signal. Stochastic Oscillator has come out of the oversold zone and is giving a buy signal, increasing in the neutral zone.

Forex recommendations: in case of breakdown at 0.9230, USD/CHF will go to 0.9240 and 0.9260. Consolidation near current levels is possible.

Players are waiting publication on the currency reserve volume in Switzerland in January ( in December the index amounted to 254.2 billion).

We would remind that the head of Swiss National Bank Phillip Hildebrand resigned at the beginning of January. The name of successor is still unknown and it is also not clear if a new governor of the Bank will adhere to the same policy as his colleague in monetary issues. Swiss government noted earlier that search for the candidate for SNB governor will take several months. Earlier, Swiss government indicated intention to revise policy of supervision over SNB activity.

Lack of comments or actions from SNB, connected with previous rapid of Franc causes alarm. Swiss Minister of Economic affairs believes that second half of this year is going to be better than the first one, Swiss economy is stable enough to survive mild recession. Naturally, it will affect the economic growth rate in the country: slow growth rate of GDP is expected in 2012. The politician also stressed that SNB has high creditworthiness.
Dantin said that, decline in the rate of Franc is possible in perspective, as measures to restrict its growth are going to be introduced. He once again outlined well-known positions of SNB about possibility of unlimited purchases of foreign currency in order to keep Franc in permissible price limits.

According to statistics released earlier, Swiss economy is getting weaker: Trade surplus amounted to CHF2.0 billion in December against the level of CHF2.945 billion in November. It became known earlier that Swiss consumption indicator UBS rose to 0.92 points in December against preliminary expectations of 0.78 points. Theoretically, the fact that the index is successfully recovering can be an indication that previously it has reached its bottom and now there is no threat of serious slump. In the nearest future a moderate increase in consumer sentiments can be predicted. Domestic consumption shall receive energetic support, as inflow of labour power can become a positive outcome of this.

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