Solid News

Swiss Economy Slows Down

11/4/2022 12:47 PM

The franc demonstrates poor dynamics in pair with the US dollar, and in case of further growth of the latter, the USD/CHF pair may renew its annual highs today. Currently, the asset is trading in a corrective trend around 1.0096.

The situation in the Swiss economy remains quite tense as business activity decreases. According to the portal, the October indicator in the manufacturing sector corrected to 54.9 points from 57.1 points earlier, while the country's consumer confidence index remained in the negative zone in the fourth quarter at -38.0 points. Inflation over the same period increased by 0.1%, which YoY amounted to 3.0% against 3.3% a month earlier.

The US dollar is strengthening, supported by data on the number of initial jobless claims, which decreased to 217.0K this week from 218.0K. Today, investors expect the release of the main block of October data on the labor market: the unemployment rate for October will be published, and employment in the non-agricultural sector, which, according to forecasts, will decrease to 200.0K from 263.0K a month earlier, which may negatively affect the dynamics of the USD/CHF pair.

On the daily chart of the asset, the trading instrument is corrected within the ascending corridor.

Technical indicators keep an increasing buy signal: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram forms upward bars in the buying zone.

Resistance levels: 1.0145, 1.0300. | Support levels: 1.0020, 0.9850.

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