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CHF: Swiss Franc gives way to USD again

Swiss Franc rate is being corrected at the Forex currency market on Tuesday after two days of steady growth.

Forex forecast: MACD indicator is in the negative area for the pair GBP/USD and it is still moving along the signal line, not giving a clear signal. Stochastic oscillator is not giving a signal either today, being in the neutral zone.
 

Forex recommendations: off the market.
 

Feasibel event scenario at Forex: in case of breakdown at the level of 0.9470 the pair will go to 0.9430 and 0.9380. Otherwise, the pair will continue to consolidate close to the current levels.
 

It became known today that according to UBS estimates, indicator of consumer confidence in   Switzerland increased to the level of 1.842 in December against 1.624 in November. This is a positive indicator for the local economy.

Swiss authorities stated yesterday that country’s economy has faced a complicated situation; however it is not a crisis. Expensive Franc became a catalyst for the complications in the economic conditions. At the same time authorities declared that SNB does not influence in any way on the CHF rate, although it bear full responsibility for the monetary policy and its contents. 

Attention to the Swiss Franc has remained steadfast from both regulator and local authorities: expensive Franc has a real detrimental effect on Swiss economy, exerting pressure on the process of its recovery. This has been confirmed by Swiss authorities who reminded that strong Franc complicates correction of the national economy.

Swiss authorities also stressed that SNB should influence on the rate of the Franc, working with it directly. This increases the possibility of the regulator’s unilateral intervention in the market, although probability of currency intervention is estimated as low so far.

The head of Swiss National Bank Mr. Hildebrand said earlier, that in his opinion, stability of Eurozone is the key factor of economic growth in Switzerland. He also expressed confidence that the region will revert   to quiet times.

 

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