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• Rouble is losing positions again in pairing with USD and EUR [11/10/2011]
• NZD: New Zealand Dollar is descending [11/10/2011]
• AUD: sales of Australian Dollar do not subside [11/10/2011]
• JPY: Japanese Yen remains in the narrow trade range [11/10/2011]

CHF: Swiss Franc continues to rollback from historical highs

At the Forex currency market technical correction continues for Swiss Franc on Wednesday after it has reached historical peaks at the end of December.

Forex forecast: MACD indicator is in the negative area for the pair USD/CHF and is still going down, confirming a previous sell signal for the pair. Stochastic oscillator is giving an antipodal, buy signal today, being in the neutral zone.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 0.9500 the pair will go to 0.9520 and 0.9550. If the level of 0.9470 is exceeded, traders’ targets will be the levels of 0.9450 and 0.9430.

The situation in Swiss economy does not indicate any major changes.

We would remind that business activity index in Swiss industries fell to 59.6 points n Decemberagainst the forecast of 61 points and previous value of 61.8 points. According to the data released at the end of December, KOF indicator in Switzerland fell to the level of 2.10 in December against its previous value of 2.13; however it still remains at a high level, confirming the belief that country’s economy continues to recover.

According to KOF estimates (Swiss institute of research on economic cycles) Swiss Franc will retain the status of a protective asset and a refuge as long as the period of tension will be maintained in Europe.

KOF has also revised its forecast for GDP growth upward in 2011; is it projected that Swiss economy will increase by 1.9% in 2011 against the previous forecast of 1.8%. In 1012 national economy is expected to rise by 2%.

Interest rate in Switzerland (Libor) is currently in the target level of 0-0.75%; the next meeting of the Swiss National Bank is scheduled for 17 March. Subsequent meeting of 2011 will be held on 16 June, 15 September, 15 December.