Like the Euro, the Swiss remains under a bearish technical cloud from a recent pattern of lower highs. Soft Swiss consumer price measures leave the Swiss in a vulnerable fundamental track, with little in the way ofsupport seen until the 1.1169 level. Up-trend channel support in the September Swiss today is seen down at1.1155 and that could be a target for later this week.
Technical Outlook: The market now above the 40-day moving average suggests the longer-term trend hasturned up. Momentum studies trending lower at mid-range could accelerate a price break if support levels arebroken. The market’s close below the 9-day moving average is an indication the short-term trend remainsnegative. The market tilt is slightly negative with the close under the pivot. The next downside objective is now at111.58. The next area of resistance is around 112.18 and 112.29, while 1st support hits today at 111.82 andbelow there at 111.58.