Ethereum is struggling in tight range above 2500 in quiet Asian session. It’s staying in the consolidation pattern from 2157, probably in form of a triangle. That is another rising leg could be seen as before the consolidation completes. But judging from current price actions, upside should be limited by 55 day EMA (now at 2852).
The whole down trend from 4863 is expected resume later. Break of 2293 support will be the first sign of downtrend resumption. Further break of 2157 low will pave the way through 2000 to 1715 support next.
Bitcoin carries the same picture. It’s trading in range around 38000 for now. Overall, it’s seen as extending the triangle consolidation pattern from 33000. Such pattern should complete after another rising leg. Break of 34264 will be the first sign of resumption of down trend from 68986. Further break of 33000 will target 29261 support next.
Swiss SECO cuts 2022 growth forecast, direct impact of Ukraine conflict on Switzerland limited
Swiss SECO export growth lowered 2022 GDP growth forecast from 3.0% to 2.8%. It said, “higher inflation and the Ukraine conflict are slowing the pace of recovery.” It added, “the war in Ukraine poses major risks for the global economy.” For 2023, growth projection is kept unchanged at 2.0%.
Recent appreciation of the Swiss Franc is ” helping to contain price pressures within Switzerland, but higher inflation rates are still to be expected on the domestic front.” 2022 inflation forecasts was raised sharply from 1.1% to 1.9, then slowed to 0.7% in 2023. .
SECO said: “The direct impact of the Ukraine conflict on Switzerland is likely to be limited, given the relatively low level of economic ties with Russia and Ukraine. Nonetheless, significant indirect effects are to be expected. World prices of key exports from Russia and Ukraine – energy resources as well as certain food staples and industrial metals – have soared. Global inflationary pressures will therefore remain high for now. ”
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