Like the Euro, the Swiss maintains a pattern of higher lows on its charts. Up-trend channel support todayin the September Swiss comes in today at 1.1172 but the market could temporarily retest and fall below that levelin the wake of US scheduled data later this morning. Perhaps the Swiss is being held back this morning bysomewhat hawkish dialogue from the BOE with respect to new UK housing loan restrictions.
Technical Outlook: The upside crossover (9 above 18) of the moving averages suggests a developingshort-term uptrend. Momentum studies are rising from mid-range, which could accelerate a move higher ifresistance levels are penetrated. A positive signal for trend short-term was given on a close over the 9-bar movingaverage. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The nextupside target is 112.59. The next area of resistance is around 112.33 and 112.59, while 1st support hits today at111.85 and below there at 111.62.