The Swiss saw an initial downside breakout overnight but it did manage to respect the 1.13 level andrecover back toward the middle of this month’s trading range. Up-trend channel support off the January and Aprillows comes in today at 1.1249 but that support line rises to 1.1263 by next Monday.
Technical Outlook: The close under the 40-day moving average indicates the longer-term trend could beturning down. Momentum studies trending lower at mid-range could accelerate a price break if support levels arebroken. The close below the 18-day moving average is an indication the intermediate-term trend has turneddown. The market setup is somewhat negative with the close under the 1st swing support. The next downsidetarget is 112.56. The next area of resistance is around 113.60 and 114.12, while 1st support hits today at 112.82and below there at 112.56.