The Swiss survived a retest of the 1.1051 low for the move early this morning, but for the moment isshowing few signs of putting together any extensive recovery from these low price levels. Carryover pressurefrom the Euro zone is helping to keep the Swiss somewhat on the defensive going into this week’s trading.Potential Russian sanctions are also weighing on the Swiss, which may be heading back towards the 2014 lowsjust below the 1.10 level.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory. The market’s short-term trend is negative as the close remains below the 9-day moving average. The market setup issomewhat negative with the close under the 1st swing support. The next downside target is now at 110.23. Themarket is approaching oversold levels on an RSI reading under 30. The next area of resistance is around 110.75and 111.04, while 1st support hits today at 110.35 and below there at 110.23.