The path of least resistance is pointing downward in the Swiss but the 1.13 level has seemingly suppliedsome support to start today. The bull camp might be cheered by the decline in volume on the recent decline in theSwiss. However, pushed into the market, we favor the downside in the Swiss, but we would suggest that traderslook to sell a US existing home sales inspired bounce in the Swiss later this morning.
Technical Outlook: Momentum studies trending lower at mid-range should accelerate a move lower ifsupport levels are taken out. The intermediate trend has turned down with the cross over back below the 18-daymoving average. It is a slightly negative indicator that the close was lower than the pivot swing number. The nextdownside objective is now at 112.72. The next area of resistance is around 113.26 and 113.55, while 1st supporthits today at 112.84 and below there at 112.72.