With the bottom falling out of the Euro overnight and US macro-economic views seemingly improvingwith each passing day, the path of least resistance in the Swiss should be pointing down and there might not bemuch in the way of support seen until the Swiss retests the 1.11 level. Surprisingly slack German data, prospectsof easing from the ECB and a decline in Ukraine tensions has left the Swiss and Euro out of favor and with thefresh chart damage this morning, the Swiss might be poised to fall toward the 200 day moving average which isdown at 1.1129.
Technical Outlook: Momentum studies are still bearish but are now at oversold levels and will tend tosupport reversal action if it occurs. A negative signal for trend short-term was given on a close under the 9-barmoving average. The market tilt is slightly negative with the close under the pivot. The next downside target is111.52. Some caution in pressing the downside is warranted with the RSI under 30. The next area of resistance isaround 112.00 and 112.21, while 1st support hits today at 111.66 and below there at 111.52.