By FX Empire.com
As of 08:15 GMT, the Swiss economy will release the only data for the week which is producer and import prices for the month of July, while the U.S. lacks economic fundamentals. The pair is predicted to follow the general trend in market.
The pair is predicted to follow the general sentiment in the market where the attention will probably remain the latest developments from Italy and Greece.
Data from the U.S. released last week showed improvement while Swiss data showed a rise in unemployment and drop in annual inflation for Oct.
SNB Vice President Thomas Jordan said on Tuesday the franc remains overvalued and the bank is ready to intervene at any time if needed, yet he revealed that the bank did not want to get involved in competitive devaluations.
The pair is reflecting what is happening in the euro area as the tensions is giving support to the dollar which became the most favorite safe haven amid the intervention seen by the SNB in Sep. and by the recent intervention by BoJ.
Thus, with the improvement in the sentiment, the pair is predicted to show downside correction after advancing over the past two weeks, where the franc hovered around one-month low versus the dollar.
Originally posted here
