The September Swiss continues to slide lower this morning, and has now reached a new 1-week low early in today’s trading. Recent progress with Euro zone and German economic data has led to the Swiss Franc losing further ground to the Euro over the past few sessions, although any sort of tangible improvement with global risk appetites will help to put the brakes on this morning’s losses. The September Swiss may find support around the 107.64 level later this morning, and will be hoping for a “risk on” mood to develop throughout global markets in order to recover a sizable portion of this week’s losses.
Technical Outlook
CHF (SEP): The daily stochastics gave a bearish indicator with a crossover down. Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. The close above the 9-day moving average is a positive short-term indicator for trend. The swing indicator gave a moderately negative reading with the close below the 1st support number. The next upside objective is 104.57. The next area of resistance is around 103.81 and 104.57, while 1st support hits today at 102.75 and below there at 102.44.