Like the Euro, the Swiss appears to be short term technically and fundamentally oversold. In fact, thespike down trade to 1.1155 was clearly rejected and it could take definitively positive US claims data to rekindlethe downward bias in the Swiss again this morning. Another issue that might dampen downside interest in theSwiss today is a positive trade in global equities.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may be drying upsoon. The close below the 9-day moving average is a negative short-term indicator for trend. The daily closingprice reversal down is a negative indicator for prices. The market tilt is slightly negative with the close under thepivot. The next downside target is now at 111.11. Some caution in pressing the downside is warranted with theRSI under 30. The next area of resistance is around 112.39 and 112.84, while 1st support hits today at 111.53and below there at 111.11.