Like the Euro, the Swiss remains entrenched in a well-defined downtrend channel on its charts. Notsurprisingly the Swiss is likely to remain under a cloud of selling interest until the trade clears next week’s ECB meeting and rate decision. Initial support is seen in the June Swiss down at 1.1133 and then again down at1.1124.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. A negative signalfor trend short-term was given on a close under the 9-bar moving average. With the close higher than the pivotswing number, the market is in a slightly bullish posture. The next downside objective is 111.11. The market isapproaching oversold levels on an RSI reading under 30. The next area of resistance is around 111.58 and111.80, while 1st support hits today at 111.24 and below there at 111.11.