The September Swiss is finding considerable pressure this morning, as the recent inflow of safe-haven support has been overwhelmed by carryover weakness from the Euro zone. Unless there is some vast improvement with the tone of outside markets, the Swiss Franc is likely fall well below this morning’s 2-week low later on in today’s session. The September Swiss may find support around the 107.38 level this morning, and is likely to remain squarely on the defensive during the course of today’s trading.
Technical Outlook
CHF (SEP): Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. 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 next upside objective is 109.35. The next area of resistance is around 108.88 and 109.35, while 1st support hits today at 108.12 and below there at 107.82.