The Swiss Franc has a slight negative tone to it today because of soft European economic data. Any potential movement in the Franc for today is waiting on US data. Yesterday’s rally was a continuation of movement started last Friday. The rally will probably return as fear forces funds to the safe haven currency.
Technical Outlook
CHF (SEP): The cross over and close above the 60-day moving average is an indication the longer-term trend has turned positive. Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The market’s close above the 9-day moving average suggests the short-term trend remains positive. The outside day up is somewhat positive. With the close over the 1st swing resistance number, the market is in a moderately positive position. The near-term upside target is at 108.36. The next area of resistance is around 108.03 and 108.36, while 1st support hits today at 107.05 and below there at 106.39.