The Swiss is tied to the coattails of the Euro through the ECB meeting results and into the flow of USscheduled data later today. Some minor technical chart damage adds to the bear’s edge and a return to 1.1253looks to be ahead. In fact, a slide to the lowest levels since February 27th might be expected over the coming 36hours of trade.
Technical Outlook: The major trend has turned down with the cross over back below the 40-day movingaverage. Daily stochastics declining into oversold territory suggest the selling may be drying up soon. The closebelow the 9-day moving average is a negative short-term indicator for trend. The market setup is somewhatnegative with the close under the 1st swing support. The next downside objective is now at 112.25. The next areaof resistance is around 113.20 and 113.68, while 1st support hits today at 112.48 and below there at 112.25.