Like the Euro, the Swiss is feeling pressure from the looming ECB easing expectation. However, theSwiss is also under pressure because of soft German data and technical damage on its charts. Initial downsidetargeting in the September Swiss is seen at 1.1224 if the US payrolls are right on expectations but a lowertargeting of 1.1195 might be expected in the event that US payrolls are markedly better than expected.
Technical Outlook: The market back below the 60-day moving average suggests the longer-term trendcould be turning down. Studies are showing positive momentum but are now in overbought territory, so somecaution is warranted. The market’s short-term trend is positive on the close above the 9-day moving average. Theclose below the 1st swing support could weigh on the market. The near-term upside objective is at 112.91. Thenext area of resistance is around 112.73 and 112.91, while 1st support hits today at 112.41 and below there at112.26.