The September Swiss is finding moderate pressure this morning, and is showing little upside followthrough after bouncing from yesterday’s lows. Positive vibes from the EU has caused the Swiss Franc to lose substantial ground to the Euro this week and climb well above the 1.24 Swiss/Euro level, which may hamper the Swiss Franc from fully benefiting from any further weakness in the Dollar even if today’s US data ends up disappointing the market. The September Swiss may find support around the 106.79 area later today, with a new monthly low very much in the cards if today’s US data shows across-the-board positive results.
Technical Outlook
CHF (SEP): Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The market’s short-term trend is negative as the close remains below the 9-day moving average. The market tilt is slightly negative with the close under the pivot. The next downside target is now at 106.34. The next area of resistance is around 107.26 and 107.58, while 1st support hits today at 106.64 and below there at 106.34.