Like the Euro, the Swiss remains in a down trend pattern on the charts with a fresh lower low and thelowest price since January 31st. Like the Euro, the Swiss is being undermined by the fear of an economic dragfrom Russian sanctions and the SNB is also happy with an ongoing slide in the Swiss exchange rate. While itmight take a while, the September Swiss looks to be poised to retest the 1.10 level on the charts.
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. There could be some early pressuretoday given the market’s negative setup with the close below the 2nd swing support. The next downside target is110.39. The market is approaching oversold levels on an RSI reading under 30. The next area of resistance isaround 111.18 and 111.60, while 1st support hits today at 110.58 and below there at 110.39.