The September Swiss is staying close to unchanged levels this morning, and has been able to shake off a mildly weak reading on Swiss consumption levels. Although the Swiss Franc has clearly benefited from the recent revival of its safe-haven credentials, upcoming Swiss economic data may need to maintain their recent positive tone in order for prices to move up and beyond last week’s highs. The September Swiss should find decent support around the 108.64 level if today’s US data exceeds market forecasts, and will it continue to outperform the Euro as long as events in Syria continue to dampen global risk sentiment.
Technical Outlook
CHF (SEP): The daily stochastics have crossed over up which is a bullish indication. 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. Since the close was above the 2nd swing resistance number, the market’s posture is bullish and could see more upside follow-through early in the session. The next upside objective is 109.52. The next area of resistance is around 109.28 and 109.52, while 1st support hits today at 108.58 and below there at 108.12.