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At the Forex currency market investors' activity on Swiss Franc positions is still at the high level.

Franch as risen very significantly over the last few days, and SNB could not let it pass unnoticed.

Forex forecast: MACD indicator for the pair USD/CHF is inthe positive area, it declines, while volumes are decreasing, and is giving asell signal. Stochastic Oscillator remains in the oversold zone and maintains a similar signal.

Forex recommendations: in case of breakdown at 0.9260, USD/CHF will go to 0.9250 and 0.9230. There are all conditions for correction.

In terms of macro-statistics situation in Switzerland is stable.

A week ago Swiss authorities said that government does not have tools 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. Ministry also stressed that new head of SNB will be appointed only after additional discussion.

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.

The data showed in the middle of last week that investor economic expectations index ZEW was at the level of -50.1 points in January against -72 points a month before that. This is a positive signal, indicating some stability in the country. Leading indicators index KOF fell to 0.01 points in December against the forecast of 0.23 points and previous revised value of 0.34 points. It became known earlier that trade balance in Switzerland rose by 3.0 billion francs in November against the forecast of +2.00 billion francs and previous value of +2.15 billion francs. Index is favourable; however it is based on theef forts of the local regulator to curb the rate of the Franc. It became known earlier that unemployment rate in Switzerland increased to 3.3% in December against expectations of 3.2% and the level of 3.1% in November. It became known the day before yesterday that producer prices index and import prices in Switzerland increased by 0.3%% m/m (-2.3% y/y) in December against the forecast of -0.1% m/m. The data is of interest; however we shall wait for January figures in order to draw up a conclusion.

Three-month Libor rate was left in the range of 0-0.25%, closer to zero; the Bank did not change pegging level of Franc to Euro, maintaining the actual level of 1.20. GDP in Switzerland will amount to1.5%-2.0% this year; main growth will be attributed to the results of the first part of the year. Interesting statistics on national economy will be published only on Friday; leading indicator index KOF in January is also scheduled for the release then.

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