The latest economic news coming from Switzerland are reassuring investors and economists. Amid higher production figures for Q1 2014, consumer prices are reported to have increased in May as well.
In deed, Switzerland's industrial production accelerated in Q1 2014, this is confirmed by the Swiss Federal Statistical Office. The industrial production volume increased by 0,5% as compared to Q1 2013. The latest figures also showed a 0,3% increase in comparison with Q4 2013. At the same time, the turnover went up by 0,1%, thereby making up for the decline seen a quarter before. Despite the overall positive figures in Q1 2014, March showed a 0,8% decline following the 0,9% decline of February. At the same time, the turnover declined by 1,2% coupled with price growth.
Consumer prices resumed its growth in May after seeing a 4-month break, Market Leader reports. The growth reached 0,2% y/y. The actual figures exceeded the forecast of 0,1%. The month-over-month increase was 0,3%. This was also better than expected.
According to the SNB's forecast, the price growth is likely to hit zero this year and to increase by 0,4% in 2015.
Meanwhile, the Swiss Franc keeps staying within the scope of a correction against the long-term trend, Masterforex-V Academy reports. USDCHF has already formed a bearish wave represented by wave A/B of level H12 or higher. Yesterday, on June 9th, the currency pair was trading within the scope of an upswing represented by wave A/B of level H3, the experts assume.
A rally followed by a break above 0.9035 will start a new bullish wave of level Daily2.
The key levels of resistance are 0.9080, 0.9155 + 0.9074, 0.9099/114, 0.9162.
Alternatively, a break below 0.8902 will resume the downswing within the scope of wave A/B of level Daily. The key levels of support are 0.8871/51, 0.8829/20.
