The Swiss seems to have garnered some fresh long interest this morning in the wake of flight to qualitygains in the Yen and ongoing calls for more easing from the ECB. Some players think the Swiss has found fairlysolid support around the 1.10 level and with the emerging markets crisis remaining in play, weakness in theChinese economy seen again overnight and generally favorable Euro zone data cushioning the Swiss, someplayers think that a near term rally is in order in the Swiss. Near term support becomes 1.1024 and there might belittle resistance until the 1.1103 level.
Technical Outlook: The daily stochastics gave a bearish indicator with a crossover down. Momentumstudies trending lower at mid-range should accelerate a move lower if support levels are taken out. Theintermediate trend has turned down with the cross over back below the 18-day moving average. It is a slightlynegative indicator that the close was lower than the pivot swing number. The next downside objective is 109.59.The next area of resistance is around 110.79 and 111.36, while 1st support hits today at 109.91 and below thereat 109.59.