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Forex News: UBS Reports Improved Swiss Consumer Demand

Forex News: UBS Reports Improved Swiss Consumer Demand

Benjamin Spier, Technical Strategist

THE TAKEAWAY: UBS Swiss Consumption Indicator rises to 1.31 in October -> New car registration compensated for a loss in business retail activity -> franc trading unchanged

The Swiss UBS consumption indicator set a new 3-month high in October, rising to 1.31 from September’s revised 1.04 indicator. According to UBS, new car registrations compensated for weaker retail activity. The indicator is based on new car registrations, business activity in the retail sector an domestic overnight stays by Swiss residents.

Despite the better consumption indicator, the Euro gained slightly against the Swiss Franc in currency markets following the release. EURCHF is currently trading slightly below 1.2050, and resistance could be provided around here by a 2-month descending trend line, support could be provided by a recent level of support around 1.2033.

EURCHF 15-minute: November 27, 2012

UBS_Reports_Improved_Swiss_Consumer_Demad_body_eurchf.png, Forex News: UBS Reports Improved Swiss Consumer Demand

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.