FXstreet.com (Barcelona) - The cross has payed little attention to the release of the GDP figures in Switzerland, trading in levels sub 0.9700 on Thursday. Economic activity in the Alpine economy grew 0.7% QoQ in the first quarter and 2.0% YoY. Prior surveys were expecting 0.0% and +0.9% respectively.
The strong GDP figures would add pressure to the SNB and its uttered desires of a weaker Swiss franc. Recall that earlier on in the week, SNB President T.Jordan suggested that the central bank may implement another measures, such as capital controls, to help the domestic currency from strengthening further.
The SVME PMI indicator due tomorrow would give another gauge of the health of the Swiss economy. Market consensus calls for a small drop to 46.0 from 46.9
At the moment the cross is losing 0.25% at 0.9687, levels last seen in February 2011, with the immediate support lying at 0.9620 (hourly sup. May 30) followed by 0.9560 (low May 29) then 0.9529 (low May 28) and 0.9525 (MA10d).
On the upside, a break above 0.9725 (MA21d) would bring 0.9739 (high Feb.16 2011) then 0.9776 (high Feb.11 2011) and 0.9852 (high Dec.13).
The strong GDP figures would add pressure to the SNB and its uttered desires of a weaker Swiss franc. Recall that earlier on in the week, SNB President T.Jordan suggested that the central bank may implement another measures, such as capital controls, to help the domestic currency from strengthening further.
The SVME PMI indicator due tomorrow would give another gauge of the health of the Swiss economy. Market consensus calls for a small drop to 46.0 from 46.9
At the moment the cross is losing 0.25% at 0.9687, levels last seen in February 2011, with the immediate support lying at 0.9620 (hourly sup. May 30) followed by 0.9560 (low May 29) then 0.9529 (low May 28) and 0.9525 (MA10d).
On the upside, a break above 0.9725 (MA21d) would bring 0.9739 (high Feb.16 2011) then 0.9776 (high Feb.11 2011) and 0.9852 (high Dec.13).
