The Swiss has forged a week ending short covering bounce but we don’t see the fundamental setupshifting and allowing the bull camp to consistently regain control. Down trend channel resistance in the SeptemberSwiss is seen right on the market today at 1.1163 and that could become a critical pivot point later today.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory. Anegative signal for trend short-term was given on a close under the 9-bar moving average. Market positioning ispositive with the close over the 1st swing resistance. The next downside objective is 110.79. The next area ofresistance is around 111.62 and 111.80, while 1st support hits today at 111.12 and below there at 110.79.