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At the Forex currency market Swiss Franc rateis traded downward on Friday, it seems that Swiss National Bank is present atthe trades again to prevent speculative management of the exchange rate ofFranc.

Forex forecast: MACD indicator for the pairGBP/USD is going down in the positive area, giving a sell signal; volumesremain above average. Stochastic Oscillator has come into overbought zone andmaintains a buy signal.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case ofbreak down at the level of 0.9270, the pair USD/CHF will go to 0.9280 ? 0.9295. If upwardbreakdown does not take place, target for sales will be the level of 0.9200.

Macro-economic situation in Switzerlandremains almost unchanged.

Earlier, interest of players was drawn to theblock of statistics from Switzerland. Thus, retail sales decreased by 0.2% y/yin October against a decline of 1.4% y/y earlier. GDP rose by 0.2% q/q (+1.3%y/y) in Q3 against the forecast of growth of 0.1% q/q (1.7% y/y). ). The dataon quarterly basis was positive, indicating that efforts of the Central Bank tocurb the rates of the Franc are effective. Statistics of this week showed thatunemployment rate in Switzerland remained at the level of 3.1% in November. Inaddition, CPI fell by 0.2% m/m in November, while expected growth had been of0.1%. Inflation is clearly affected by external background.

As per estimates of Swiss National Bank, GDP inSwitzerland will amount to 1.5%-2.0% this year; main growth will be attributedto the results of the first part of the year. SNB noted in the comments that ifstringent monetary measures had not been taken the economy would have slippedto a recession. SNB expects that inflation will be at the level of 0.4% in 2011and at the level of 0.3% next year.

Last week Swiss government stated that theyare prepared to lower interest rate to negative levels in order to use allavailable means to fight against the rise of Franc. At the same time,politicians noted that the most effective tools are in the hands of SNB. Representativeof SNB Mr. Jordan reported earlier that Swiss regulator does not need externalguidance on monetary policy, as it is an independent institution and does notintend to receive instructions from business groups and politicians. SNB willcontinue to take appropriate measures if it is required considering the stateof economic forecasts and deflation. According to him, slowdown in economicgrowth in Switzerland, which had taken place earlier, was caused by highexchange rate of Swiss Franc.

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