With the Dollar winning by default, the Euro forging a downside breakout on the charts overnight and theSwiss sitting just above a downside breakout on its charts, the bear camp looks to have an edge in the Swiss.Under slightly positive US data later this morning, we would not be surprised to see the June Swiss fail to holdclose-in support of 1.1269 and that in turn could set up a slide down to 1.1252.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. The market’sshort-term trend is negative as the close remains below the 9-day moving average. The market’s close below thepivot swing number is a mildly negative setup. The next downside target is 112.52. The next area of resistance isaround 113.35 and 113.64, while 1st support hits today at 112.79 and below there at 112.52.