Alex Borzak
The Swiss minister of finance expressed his content over the results of the SNB’s work. Nevertheless, the Governor of the SNB assumes that the Swiss Franc remains overvalued and expects it to keep weakening.
He says that the reasons behind the strength of the Swiss Franc lie in the eurozone uncertainty. The franc will weaken when the situation gets more stable. This has been happening over the last couple of weeks. Nevertheless, Unia, a Swiss labor union, urges the central bank to curb the weakening of the national currency, referring to the necessity to decrease the pressure on the employment rate.
According to Axel Weber, UBS Chairman, the SNB is on the right track. He says the central bank shouldn’t make any chances to the current policies at this point.
Forex.
According to , the Swiss Franc keeps strengthening against the US Dollar. The experts report that USDCHF is forming a downswing represented by wave А(С) or shortened C of level Daily.
If the price breaks below 0.9082, the closest levels of support will be around 0.9041 and 0.9000. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 0.9387 (as shown below).
Alex Borzak
