The June Swiss was unable to hold all of the gains into the prior sessions high but the Swiss probablysaw some support from favorable German Ifo results overnight and from positive Swiss export data. In otherwords, favorable news flow overnight has not prevented the Swiss from falling back toward this week’s lows. Apattern of lower highs on the charts seems to give the bear camp a technical edge.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a price break ifsupport levels are broken. The market’s close below the 9-day moving average is an indication the short-termtrend remains negative. A positive setup occurred with the close over the 1st swing resistance. The nextdownside target is 112.67. The next area of resistance is around 113.54 and 113.86, while 1st support hits todayat 112.94 and below there at 112.67.