Swiss GDP surged to 0.70% Q/Q in Q2, above the forecast of 0.60% from 0.50% Q1. The jump was mainly led by the pharma and chemical industries.
Switzerland's CPI declined to 1.1% y/y compared to a forecast of 1.2%. Prior 1.3%. Core inflation came at 1.1% y/y from the previous month's 1.1%.
The strong growth and easing inflation will increase the chance of further rate cuts by SNB.
Major resistance- 0.8640
Near-term resistance - 0.8540,0.8600
Minor support- 0.8474,0.8435.
Trend reversal level- 0.838.
