So far today, the Franc has experienced a slight negative bias which may be nothing more than profit taking. The PPI was reported 0.2% higher as expected. Swiss economic news has been thin this week, leaving only the Franc’s safe haven status to support the currency. With the Syria crises fading the Franc’s safe haven status could be called into question. Because of this the Swiss Franc’s upward movement will be limited. Today’s price action will again hinge on US data. Look for higher Swiss pricing if the US numbers are worse than expected and not much change if they are better.
Technical Outlook
CHF (SEP): Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The close above the 9-day moving average is a positive short-term indicator for trend. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside objective is 108.22. The next area of resistance is around 107.85 and 108.22, while 1st support hits today at 107.11 and below there at 106.74.