Global macro overview for 14/09/2015:
Latest data from the Switzerland Federal Statistical Office regarding Retails Sales and Producer and Import prices turned out to be very disappointing. The market expected prices to stay flat at -0.4% m/m (-6.7% y/y), but they declined again to the level of -0.7% m/m (-6.8% y/y). This decline is the fastest since April 1950, when tthe indicator declined 7.1 percent. The producer and import prices measure has been dropping steadily since October 2013 posting the fifth consecutive month of fall in August.
Since the peg removal by SNB in January 2015 the EUR/CHF pair went above the 61%Fibo retracement of the removal candle and it is slowly continuing to climb higher. The current resistance is a recent swing high at the level of 1.1053 and support is seen at the level of 1.0959.
