Forex Blog
Blog-FX.Com

Swiss Franc rate is traded downward at the Forex currency market on Wednesday morning, aiming to retest new historic highs of 0.8275, achieved yesterday. 

Forex forecast: MACD indicator is in the negative area for the pair USD/CHF, reversing downward and shaping a sell signal. Stochastic Oscillator remains in the oversold zone, giving a sell signal.

Forex recommendations: in case of breakdown at the level of 0.8330, the pair USD/CHF will go to new lows of 0.8275, and to 0.8300. 

If downward breakdown does not take place, the pair will consolidate close to the current levels.It became known yesterday that consumption indicator UBS in Switzerland rose by 1.91 points in May against the growth by 1.57 points in April.

Representative of Swiss national Bank Mr. Brunetti noted today that growth rate of national currency reflects economic situation in the country, although the Franc soared sharply due to demand in currency –shelter. Swiss government does not influence on the exchange rate, he stressed, saying also that aggravation of the debt crisis in Europe threatens to bring more serious problems.

Leading indicators ? ???????? ?????? ????? ??????????? ?????? ??????????? ??????????? KOF ? ????????? ?? ????, ? ? ??????? ????????? ?????????? ??????? ????????????????? ??????? ? ???? (??????? – ???????? ?? 57,8 ??????? ? ???????? ???????? 59,2 ??????).Statistics released earlier showed that producer prices and prices for imports decreased by 0.2% (-0.4% y/y) in May against the forecast of growth by 0.1% m/m.

It became known earlier that unemployment rate in Switzerland fell to 2.9% in May against the level of 3.1% in April and the forecast of 3.0%. At  the meeting last week Swiss National Bank  left three- month Libor rate in the previous range of 0-0,75% with a tendency  to 0.25%. At the same time, the SNB said that GDP growth would amount to 2% this year. Inflation in 2011 is predicted at around +0.9% (previously +0.8%), in 2012: +1.0% (previously 1.15), in 1013: +1.7% (previously +2.0%).

It is worth noting that index of PMI SVME in Switzerland increased to 59.2 points against the forecast of 57.5 points. It proves once again that national economy has learnt to be effective even in circumstances where national currency is expensive.GDP in Switzerland has slowed down growth rate in QI this year, increasing by 0.3% on quarterly basis (+2.4% y/y) against the rise of 0.8% last quarter and the forecast of growth of 0.6 %.

The data released earlier showed that CPI in Switzerland remained unchanged on monthly basis (+0.4% y/y) in May against the forecast of decline by 0.1% m/m (+0.3% y/y).It became known earlier that trade balance in Switzerland rose by 3.31 billion francs in May against the value of +1.44 billion in April. In addition, level of exports fell by 1.5% m/m in May against the growth of 3.1% in April.

Tags: