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CHF: Swiss Franc determines movement direction
At the Forex currency market on Thursday Swiss Franc rate is traded close to the starting session levels.
Forex forecast: MACD indicator is in parallel with the signal line for the pair USD/CHF, not giving a clear signal. Stochastic Oscillator is in the oversold zone, not giving a clear signal either
Forex recommendations: off the market.
Feasible event scenario at Forex: in case of breakdown at the level of 0.9690 the pair will go to 0.9720 and 0.9760. If the level of 0.9650 is exceeded traders’ targets will be the levels of 0.9610 and 0.9560.
The main Swiss news today is that Swiss National Bank has maintained quarterly rate Libor in the previous target range of 0-0.75%, as expected by market. The index was revised in March 2009 last time when it was reduced by 0.25%.
In the follow- up comments the head of SNB Mr. Hildebrand noted that deflation risks in Switzerland are the negative factors for the country’s economy and worsening of the crisis situation in Eurozone exerts pressure on recovery rates of Swiss economic system. According to him Swiss economy will slow down in the coming quarters due to combination of factors.
Hildebrand also stressed that it is not very easy to reduce currency risks, however he did not comment on possibility of currency intervention.
Recent Swiss statistics was contradictory: producer prices and import prices in Switzerland declined by 0.2% m/m in November against expected growth by 0.1%. Unemployment rate remained at the level of 3.6% in November which agreed with the forecast. Inflation in Switzerland demonstrates growth (CPI in November: +0.2% m/m, (+0.2% y/y) against the forecast +0.1% m/m, (+0.1% y/y)- it is moderate at the moment however it is a positive factor for the economy indicating stability.
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