The Swiss Franc is showing very little movement so far in today’s session. Swiss Retail Sales were a disappointment coming in only 0.8% higher than a year ago. Expectations were for an increase of 3.2%. With a number this low it should be sparking a Franc sell off; however, the uncertainty of Syria is keeping the Franc safe haven status alive and well. The rest of today’s session will be Franc friendly as sentiment spills over from Friday’s move.
Technical Outlook
CHF (SEP): Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. A negative signal for trend short-term was given on a close under the 9-bar moving average. The daily closing price reversal up on the daily chart is somewhat positive. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next downside objective is now at 105.29. The next area of resistance is around 107.29 and 107.76, while 1st support hits today at 106.05 and below there at 105.29.