The December Swiss was able to recover from early pressure this morning, but remains range-bound below the 110.00 level early in today’s trading. A private survey of Swiss consumption down-ticked to a 5-month low with today’s reading, which is likely to dampen any fresh safe-haven flows if risk aversion starts to gain further ground with global markets. The December Swiss may slide back towards the 109.62 level later this morning, but along with the Euro should hold its ground within this current consolidation price zone as long as the tone of outside markets does not turn decidedly negative.
Technical Outlook
CHF (DEC): Momentum studies are trending higher but have entered overbought levels. A positive signal for trend short-term was given on a close over the 9-bar moving average. The market tilt is slightly negative with the close under the pivot. The next upside objective is 110.10. The next area of resistance is around 109.82 and 110.10, while 1st support hits today at 109.43 and below there at 109.30.