Nataly Kambur
According to KOF experts, Switzerland’s economic growth is going to drop relative to the previous expectations. The key reasons for that are the global economic decline coupled with structural reforms in the region, Market Leader reports.
According to the revised forecast, the Swiss economy is probably going to gain as little as 1% in 2016. They also expect the Swiss economy to gain 2% in 2017 provided that the global economy starts recovering from the current weakness. It should be noted that the revised forecast came as the result of a downgrade from 1.1%. However, the 2017 forecast remained unchanged.
At the same time, if to believe the forecast made by SECO, the Swiss GDP is going to gain as much as 1.4% in 2016 and is going to accelerate all the way up to 1.8% in 2017.
FOREX
In the meantime, Masterforex-V Academy reports that the Swiss Franc keeps on rallying against the U.S. Dollar within the scope of the same mid-term uptrend, which means that USDCHF is currently going down. To be more specific, USDCHF is making wave 3/C of level Daily2 inside the rally. The currency pair is somewhere around 113,01. With that being said, the price has come close to a major level of support, which is 110,05.
At this point, there is another smaller-scale wave being built inside of the mentioned upward momentum. This is probably wave b(C ) of the upward move. Alternatively, a break above MF pivot 1.0091 as well as the top of the descending MF sloping channel is going to put an end to the existing wave. The key levels of support are 0.9475, 0.9258.
Nataly Kambur
