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At the Forex currency market Swiss Franc rate is goes upward in the middle of the week, infused by the general positive sentiments of players in the world capital markets. Anticipation that acute Greek issue will be resolved soon, contributes to rapid rise in CHF.

Forex forecast: MACD indicator for the pair USD/CHF has broken through the signal line from top to bottom and is in the negative area now, giving a sell signal. Stochastic Oscillator is going down in the neutral zone, giving a similar signal.

Forex recommendations: in case of breakdown at 0.9110, the pair USD/CHF will go to 0.9100 and 0.9080. Consolidation near current levels is possible.

It became know today that unemployment rate in Switzerland amounted to 3.4% in January against the forecast of 3.5% and the previous value of 3.3%. This is the highest level of the index since last spring and quite negative indication in the state of affairs in the national economy.

Monetary politician Mr. Jordan said yesterday that SNB is firmly determined to protect the level of 1.20 in the pair Euro/Franc and is prepared to adopt additional measures if economic situation will require.

He also confirmed that economic growth rate has slowed down in Switzerland this year, although there is no risk of rise in inflation. He believes that Franc is still too strong and reduction in its price is necessary.

Swiss economists said earlier that second half of this year is going to be better than the first one, Swiss economy is stable enough to survive mild recession. Naturally, it will affect the economic growth rate in the country: slow growth rate of GDP is expected in 2012. The politician also stressed that SNB has high creditworthiness.

Representative of SNB Mr. Dantin said earlier that, decline in the rate of Franc is possible in perspective, as measures to restrict its growth are going to be introduced. He once again outlined well-known positions of SNB about possibility of unlimited purchases of foreign currency in order to keep Franc in permissible price limits.

We would remind that the head of Swiss National Bank Phillip Hildebrand resigned at the beginning of January. The name of successor is still unknown and it is also not clear if a new governor of the Bank will adhere to the same policy as his colleague in monetary issues. Swiss government noted earlier that search for the candidate for SNB governor will take several months. Earlier, Swiss government indicated intention to revise policy of supervision over SNB activity.

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