The Swiss has seemingly found a thin layer of support around the 1.1132 level and some minor hard fought gains might be expected today off short covering. However, the Swiss is faced with some geopoliticalheadwinds from the Ukraine situation and an eventual return to the early June consolidation lows of 1.1100should not be ruled out for next week.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may be drying upsoon. A negative signal for trend short-term was given on a close under the 9-bar moving average. The markethas a slightly positive tilt with the close over the swing pivot. The next downside target is 111.23. The next area ofresistance is around 111.58 and 111.67, while 1st support hits today at 111.36 and below there at 111.23.