The December Swiss has been able to post moderate gains this morning, but is losing further ground to the Euro and is the closest position of the major currencies to filling in the opening chart-gap later today. Syria, emerging markets and the Euro zone are seeing diminished risk concerns early this week so upcoming Swiss economic data will need to avoid any negative surprises in order for the Swiss Franc to hold its ground in the upper portion of this month’s up move. The December Swiss should find support around the 107.80 level after today’s US data window, but will continue to benefit from a positive tone from outside markets during today’s trading.
Technical Outlook
CHF (SEP): Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. A positive signal for trend short-term was given on a close over the 9-bar moving average. The daily closing price reversal up on the daily chart is somewhat positive. The market has a slightly positive tilt with the close over the swing pivot. The next upside target is 108.21. The next area of resistance is around 107.96 and 108.21, while 1st support hits today at 107.26 and below there at 106.80.