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• Rouble is losing positions again in pairing with USD and EUR [11/10/2011]
• NZD: New Zealand Dollar is descending [11/10/2011]
• AUD: sales of Australian Dollar do not subside [11/10/2011]
• JPY: Japanese Yen remains in the narrow trade range [11/10/2011]

CHF: Swiss Franc is going to launch an offensive

Swiss Franc rate continues to grow at the Forex market on Monday, keeping on the trend which started last week.

Forex forecast: MACD indicator is in the negative area for the pair USD/CHF and is going down, confirming a previous sell signal for the pair. Stochastic Oscillator remains in the neutral zone today, moving along the time axis and it might start reversal.

Forex recommendations: if current sentiment will be maintained at the market and in case of breakdown at the level of 0.9195 the pair will go to 0.9180 and 0.9150.

New week is going to be eventful in terms of macro-statistics. On Tuesday, 8 March, the data on unemployment rate in Switzerland for February will be released, which is expected to reduce to 3.4%. In the middle of the week the data on the consumer price index for the last month will become known.

In general the situation in Swiss economy has remained almost unchanged.

Level of retail sales in Switzerland declined by 2.6% y/y in January against the fall by 0.8% in December; however external background still remains the main driver of the Franc’s movement, as well as possible withdrawal of the players from risks. It is the factor of trade balance (index rose to the level of 1.96 billion euro in January against the growth to 1.26 billion euro earlier) that helps the CHF to be considered a stable currency, since the country does not require external borrowings.

Last week statistics showed that the level of retail sales in Switzerland declined by 2.6% y/y in January against the fall by 0.8% in December. Probably, cold winter had its impact on the indicator. If the reason for the decline n sales is seasonality, then we will be able to witness recovery in the indicator in spring.
Statistics released earlier showed that showed that employment rate in Switzerland declined to the level of 4.085 billion in QIV against expectations of growth to 4.086 billion; however Franc ignored this information. The data released earlier showed that indicator of consumption UBS in Switzerland fell to the level of 1.676 points (-0.15 points) in January amid decreasing sales in retail sector due to the low demand for new cars. However the indicator still remains above the key level of 1.5, which ensures favorable prospects. 
 

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