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CHF: Swiss Franc rate continues to consolidate
At the Forex currency market on Thursday Swiss Franc rate continues the growth which started yesterday- the USD retreats due to players’ concern that American economy is not strong enough to recover quickly.
Forex forecast: MACD indicator for the pair USD/CHF is in the positive area however it goes down giving grounds for a pair sell signal. Stochastic Oscillator tries to identify a signal today, being in the neutral zone.
Forex recommendations: if the bearish sentiments for the pair ate maintained and in case of breakdown at the level of 0.9810 buyers’ targets will be the levels of 0.9775 and 0.9730.
The situation in Switzerland has not changed significantly yet.
Unemployment rate remained at the level of 3.6% in November which agreed with the forecast. Inflation in Switzerland demonstrates growth (CPI in November: +0.2% m/m, (+0.2% y/y) against the forecast +0.1% m/m, (+0.1% y/y)- it is moderate at the moment however it is a positive factor for the economy which indicates stability. This data will support CHF in short term.
It became known earlier that GDP in Switzerland rose by 0.7% q/q (+3.0% y/y) in QIII against the forecast of +0.5% q/q (+3.1% y/y). The fact that Swiss economy is growing above expectations has confirmed our theory about stability in the country. It is clear that European problems will have an impact there, as well as they will affect Great Britain for example; however situation in Swiss economy seems steadier.
Swiss Franc was fortunate last week –three days of Franc’s powerful growth has led the pair to the high level of 0.9710 – from where a lower border of the medium channel of 0.9640 is round the corner, and then a significant rise can start for the pair.
This week the Franc moves in opposition to the USD, as it has not developed its own trading idea.
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