The June Swiss remains off balance on the charts but appears to have found some support around the1.1250 level. Slack German confidence readings provided the brunt of the slide in the Swiss overnight, but nowthat the currency has returned to more significant 4 month consolidation low support of 1.1225 and it could bedifficult for the bears to press their case directly ahead.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory. Themarket’s close below the 9-day moving average is an indication the short-term trend remains negative. Themarket’s close below the pivot swing number is a mildly negative setup. The next downside objective is now at112.42. The next area of resistance is around 112.83 and 113.02, while 1st support hits today at 112.53 andbelow there at 112.42.