The September Swiss is finding significant pressure early today, and continues to slide further away from the 2-month highs posted earlier this week. A smaller than expected Swiss trade surplus during July has been a source of added pressure for the Swiss Franc this morning, which has caused it to lose further ground to the Euro early in today’s session. The September Swiss may find support around the 107.63 level during today’s trading, and will need global risk sentiment to avoid any further deterioration from these current price levels.
Technical Outlook
CHF (SEP): Momentum studies are trending higher but have entered overbought levels. The market’s close above the 9-day moving average suggests the short-term trend remains positive. The swing indicator gave a moderately negative reading with the close below the 1st support number. The near-term upside objective is at 109.41. The next area of resistance is around 108.82 and 109.41, while 1st support hits today at 107.96 and below there at 107.70.