After consolidating towards the middle of this week’s price range, the Swiss Franc is finding moderatesupport early in today’s trading. Weak Swiss inflation levels continue to weigh on the Swiss Franc this morning,however, and will make it difficult for sustaining any upside move without finding considerable carryover supportfrom their Euro zone neighbors. The December Swiss may fall back towards the 109.64 level later today, and willclearly need help from outside markets in order to hold onto these early gains throughout the session.
Technical Outlook
CHF (DEC): Momentum studies are declining, but have fallen to oversold levels. A negative signalfor trend short-term was given on a close under the 9-bar moving average. The close below the 1st swing supportcould weigh on the market. The next downside target is 108.99. The next area of resistance is around 109.90 and110.26, while 1st support hits today at 109.27 and below there at 108.99.