The September Swiss is seeing moderate pressure early in today’s session, although prices have been able to hold their ground near the middle of last week’s volatile trading range. While the Swiss Franc may lose further ground to the Euro early this week, as EU sentiment continues to show improvement, prices are unlikely to find severe pressure until the market has a chance to digest major Swiss economic data later in the week. The September Swiss should find support around the 108.14 area later today, but should generally hold its ground in fairly close proximity to the recent highs.
Technical Outlook
CHF (SEP): Momentum studies are trending higher but have entered overbought levels. The market’s close above the 9-day moving average suggests the short-term trend remains positive. The close over the pivot swing is a somewhat positive setup. The next upside objective is 109.32. The next area of resistance is around 108.94 and 109.32, while 1st support hits today at 108.08 and below there at 107.59.