Like the Euro, the Swiss has caught a bid this week because growth in the US and UK has been calledinto question and that in turn tempers the disappointment from the Swiss and Euro economic areas. Up-trendchannel support in the September Swiss is seen at 1.1166 today and that support line moves up to 1.1174 by thisFriday. In order to mount a quick return to the early July highs probably requires a distinctly dovish US FOMCrelease later today.
Technical Outlook: Declining momentum studies in the neutral zone will tend to reinforce lower priceaction. A negative signal for trend short-term was given on a close under the 9-bar moving average. With theclose higher than the pivot swing number, the market is in a slightly bullish posture. The next downside objectiveis now at 111.72. The next area of resistance is around 112.18 and 112.31, while 1st support hits today at 111.88and below there at 111.72.