The December Swiss is finding moderate pressure this morning, although prices remain well inside of their recent consolidation price zone for now. Today’s set of Swiss economic data was generally in-line with market forecasts, but a negative year-on-year reading for Swiss CPI will give the SNB further incentive to maintain their current floor rate with the Euro. The December Swiss may find support around the 110.30 level later today, but remains vulnerable to a sizable downside moveif last Friday’s monthly low is breeched later in the session
Technical Outlook
CHF (DEC): Stochastics turning bearish at overbought levels will tend to support lower prices if support levels are broken. The market’s close above the 9-day moving average suggests the short-term trend remains positive. The market has a slightly positive tiltwith the close over the swing pivot. The next downside objective is now at 110.07. The next area of resistance is around 111.09 and 111.36, while 1st support hits today at 110.45 and below there at 110.07