The number of employees sent by numerous world companies dealing in crude oil, such as Vitol, Total LUKOIL, is constantly growing.
Favorable taxation, well-developed infrastructure and skilled personnel, which one can find in Geneva, attract more and more foreign companies and traders form different parts of the world, including the UK and US. According to the Swiss-based GTSA, 1/3 of all the crude-oil trading operations (700 million tons a year) are performed in Geneva.
Partially thanks to the above-mentioned fact the Swiss Franc currency rate keeps strengthening its positions at Forex against the US Dollar. USDCHF has already reached 0.9630 and is currently developing a correctional movement against the entire bearish wave of Monthly level (1.1729-0.9548).
According to the Department of studying Masterforex-V trading system , the MF pivot at 0.9900 and the MF sloping channel are currently acting as obstacles for the Swiss Franc on its way of to the top (For USDCHF on its way down). If they are overcome the price will terminate the entire wave started at 0.9848 with going for retracement against the entire bullish wave 0.9548-1.0029. Meanwhile, until the conditions are met the bullish movement of USDCHF will continue. The next significant resistance levels in this case are 1.0041, 1.0049, 1.0057, 1.0062.
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