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At the Forex currency market on Tuesday Swiss Franc rate is being traded with no changes for the second consecutive day. As soon as Swiss National Bank announced that intentions to curb SHF growth are still in force,activity in the pair reduced dramatically.

Forex forecast: MACD indicatorfor the pair USD/CHF is in the positive area and is moving along the signalline today, not giving a clear signal. Stochastic Oscillator goes down in the neutral zone and s giving a sell signal. 

Forex recommendations:in case of break down at the level of 0.9350, the pair USD/CHFwill go to 0.9340 and 0.9330. If downward breakdown does not take place, thepair will consolidate at the current levels.

Today, investors are waiting forthe data on Swiss trade balance in November.

Apart from this, macro-economic background is stable: Swiss National Bank was the main newsmaker last week. The meeting of Swiss National Bank, which had been expected so eagerly by players,was neutral. Three-month Libor rate was left in the range of 0-0.25%, closer tozero; the Bank did not change pegging level of Franc to Euro, maintaining theactual level of 1.20. In the follow up comments the head of SNB Mr. Hildebrand stressed that the regulator will continue to maintain the target rate of CHF,with the help of purchases of foreign currency in unlimited quantities andadditional package of measures if situation requires. SNB is ready to maintainhigh level of liquidity, as inflation growth is not expected. In general,economy of the country depends a lot on the European crisis.

Apparently, SNB has adoptedattitude of an onlooker, keeping in place existing management tools, being pretty confident that they can start intervention any time.

As per estimates of Swiss National Bank, GDPin Switzerland will amount to 1.5%-2.0% this year; main growth will beattributed to the results of the first part of the year. SNB noted in the comments that if stringent monetary measures had not been taken the economywould have slipped to a recession. SNB expects that inflation will be at thelevel of 0.4% in 2011 and at the level of 0.3% next year. Earlier, SECO released economic forecast, according to which economic growth in Switzerland will amount to 0.5% in 2012 against theprevious expectations of growth of 0.9%.

Retail sales fellby 0.2% y/y in October against a decline of 1.4% y/y earlier. GDP rose by 0.2%q/q (+1.3% y/y) in Q3 against the forecast of growth of 0.1% q/q (1.7% y/y). ).The data on quarterly basis was positive, indicating that efforts of theCentral Bank to curb the rates of the Franc are effective. Statistics of this week showed that unemployment rate in Switzerland remained at the level of 3.1%in November. In addition, CPI fell by 0.2% m/m in November, while expectedgrowth had been of 0.1%. Inflation is clearly affected by external background.

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