The September Swiss is posting moderate gains this morning, and has done so in spite of a modest increase in Swiss Unemployment. Improving risk sentiment should provide the Swiss Franc with underlying support during today’s trading, although it is likely to lose further ground to the Euro through the rest of this week. The September Swiss may find near-term support around the 108.56 area later this morning, and should hold its ground fairly close to this morning’s highs just as long as global risk appetites continue to improve.
Technical Outlook
CHF (SEP): The daily stochastics have crossed over up which is a bullish indication. Rising stochastics at overbought levels warrant some caution for bulls. The market’s short-term trend is positive on the close above the 9-day moving average. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next upside target is 109.30. The next area of resistance is around 109.02 and 109.30, while 1st support hits today at 108.08 and below there at 107.41.