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CHF: Swiss Franc has been demonstrating impressive growth for the sixth consecutive session
At the Forex currency market Swiss Franc rate continues to grow on Wednesday – ascending trend for the CHF has been in progress for the sixth consecutive session.
Forex forecast: MACD indicator is in the positive area for the pair USD/CHF and continues to go down, confirming a previous sell signal for the pair. Stochastic oscillator has come into oversold area and has not formed a signal yet.
Forex recommendations: in case of ascending corrective movement for the pair, buyers’ targets will become the levels of 0.9670 and 0.9720. If upward breakdown will not take place, the pair will consolidate close to the current levels.
The next meeting of the National Bank of Switzerland is scheduled for 16 December; quarterly level of interest rate is now in the range of 0-0.75%. The index was revised in March 2009 last time when it was reduced by 0.25%. Is seems unlikely that SNB will decide to raise interest rate – current state of economy makes it possible not to take drastic decisions.
Recent growth of Swiss Franc has once again opened a question of intervention of the regulator in the trading process; for Swiss Franc risks of currency intervention by Swiss National Bank seems minimal at the moment; according to regulator’s opinion, one-sided intervention will not lead to the long term desired result.
As it became known on Monday, 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 which indicates stability. This data will support CHF in short term.
It became known earlier that GDP in Switzerland rose by 0.7% q/q (+3.0% y/y) in QIII against the forecast of +0.5% q/q (+3.1% y/y). The fact that Swiss economy is growing above expectations has confirmed our theory about stability in the country. It is clear that European problems will have an impact there, as well as they will affect Great Britain for example; however situation in Swiss economy seems steadier.
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