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At the Forex currency in the middle of the week Swiss Franc rate continues to slide away from local highs achieved at the end of January

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 has come out of the oversold zone and is giving a buy signal, increasing in the neutral zone.

Forex recommendations: in case of breakdown at 0.9235, USD/CHF will go to ? 0.9240 and 0.9260.

It became known yesterday that Swiss consumption indicator UBS rose to 0.92 points in December against preliminary expectations of 0.78 points.

Theoretically, the fact that he index is successfully recovering can be an indication that previously it has reached its bottom and now there is no threat of serious slump. In the nearest future a moderate increase in consumer sentiments can be predicted.

Domestic consumption shall receive energetic support, as inflow of labour power can become a positive outcome of this. Note that this time SNB has ignored rapid growth of SHF.

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 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. A week ago Swiss authorities said that government does not have instruments for direct influence on SNB. Representatives of the Finance Ministry of the country stated that politicians have no ground to cast doubts on Bank's strategies; however the issue with Hildebrand requires special consideration.

Swiss Minister of Economic affairs noted on Friday, 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 credit worthiness.

Last week, representative of SNB Mr. Dantin said that, in perspective lowering of Franc rate is possible because 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.

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