The September Swiss is holding onto moderate strength through a volatile overnight session, and in spite of some fresh flight-to-safety flows continues with a recent trend of losing ground to the Euro. If risk appetites continue to improve, the Swiss Franc should find enough underlying support to rally past the early August highs over the next few sessions. The September Swiss may find resistance around the 108.92 level later in today’s session and along with the Euro it should continue to benefit from relative quiet news conditions from the region.
Technical Outlook
CHF (SEP): A bullish signal was given with an upside crossover of the daily stochastics. Positive momentum studies in the neutral zone will tend to reinforce higher price action. The market’s close above the 9-day moving average suggests the short-term trend remains positive. The market has a slightly positive tilt with the close over the swing pivot. The near-term upside target is at 108.81. The next area of resistance is around 108.57 and 108.81, while 1st support hits today at 107.91 and below there at 107.49.