Like the Yen, the Swiss is back in favor as a result of a low bar set by other currencies. It is also possible that some of the gains in the Swiss this morning might be the result of rekindled safe haven interest off thetensions in the Middle East and or because of the prospect of a revival of Euro zone banking concerns. Up-trendchannel support in the September Swiss is seen at 1.1215 and resistance isn’t seen until the 1.1260.
Technical Outlook: Declining momentum studies in the neutral zone will tend to reinforce lower priceaction. The market’s close below the 9-day moving average is an indication the short-term trend remainsnegative. A positive setup occurred with the close over the 1st swing resistance. The next downside objective is111.81. The next area of resistance is around 112.49 and 112.62, while 1st support hits today at 112.09 andbelow there at 111.81.