The Swiss remains in a downward track on its charts and it also remains under pressure from the fear ofmore knock on pressure from Russian sanctions and the turmoil in the Ukraine. Like the Euro, the slight recoverybounce in the Swiss earlier this week might set the stage for a cleaner downside technical extension. Down trendchannel resistance in the September Swiss today is 1.1104 and ultimately we can’t rule out an eventual return tothe 1.10 level.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. The close belowthe 9-day moving average is a negative short-term indicator for trend. The upside daily closing price reversalgives the market a bullish tilt. The market has a slightly positive tilt with the close over the swing pivot. The nextdownside target is 110.50. The 9-day RSI under 30 indicates the market is approaching oversold levels. The nextarea of resistance is around 111.04 and 111.22, while 1st support hits today at 110.68 and below there at 110.50.