Switzerland’s export of watches increased by 5.2% (y/y) up to F1.470bn in August. The growth was mainly caused by higher demand in Asia.
The biggest gainers are Rolex,Compagnie Financiere Richemont SA and Swatch Group AG. The positive tendency contributes to Swatch’s stock, which has appreciated in value by 13% since early 2012. At the same time, Richemont saw its stock appreciating by 28%.
Forex.
According to , the Swiss Franc keeps strengthening against the US Dollar. The experts report that USDCHF is forming a big-scale downswing represented by wave А/В of level Daily3.
A further downswing will probably have difficulty overcoming 0.9001. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 0.9798 (as shown below).
