The September Swiss is finding moderate pressure early in this morning’s trading, which has taken prices back towards the middle of last week’s volatile trading range. While Swiss economic data has shown some consistent improvement, weak inflation readings are likely to keep the SNB’s 1.20 floor rate with the Euro firmly in place going forward. The September Swiss may find support around the 107.30 level later this morning, and will need to find carryover support from the Euro Zone in order to lift clear of today’s early lows.
CHF (SEP): Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is 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 is a positive indicator that could support higher prices. A positive setup occurred with the close over the 1st swing resistance. The next downside target is now at 106.08. The next area of resistance is around 108.27 and 108.73, while 1st support hits today at 106.95 and below there at 106.08.
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