The September Swiss found modest overnight pressure, but along with the Dollar and Euro is showing little inclination for making any large-sized price move heading into the weekend. While recent Swiss economic data has generally avoided any negative surprises, last month’s decline in the Swiss trade surplus will provide further incentive for the SNB to keep their current 1.20 floor rate with the Euro firmly in place. The September Swiss should find decent support just above the 108.00 area later today, but is likely to finish out this week by losing further ground to the Euro.
Technical Outlook
CHF (SEP): Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market’s close above the 9-day moving average suggests the short-term trend remains positive. The market’s close below the pivot swing number is a mildly negative setup. The next upside objective is 109.04. The next area of resistance is around 108.76 and 109.04, while 1st support hits today at 107.94 and below there at 107.39.