Hitman Absolution Camera Study

So I am studying third person controllers, and I was studying the controller in Hitman Absolution. I notice that when moving the mouse along the x-axis, the camera itself rotates, but its position is also rotating around something. Same goes for moving the mouse along the y-axis.

I can't seem to figure out the point at the which the camera is rotating around and looking at. I know that mysterious point is not the player though, and the point may be constantly changing as well. I also know the point is related to the cross hair, but the cross hair is not always at the center.

Anyone that have Hitman: Absolution care to analyze the controller?