The Swiss is doing well to hold its ground above the 1.1000 level, and received a mild bounce from thismorning’s lukewarm Euro zone PMI reading. Even so, gains are likely to be short-lived unless today’s US jobsdata disappoints the market. With carryover pressure from the Euro zone weighing heavily on the Swiss, a slidedown towards 1.0875 looks to be on the cards. Near-term resistance is at 1.1032, but a further rally towards the1.1068 area could be an opportunity to approach the short side of the market.
Technical Outlook: The crossover up in the daily stochastics is a bullish signal. Rising from oversoldlevels, daily momentum studies would support higher prices, especially on a close above resistance. The market’sshort-term trend is negative as the close remains below the 9-day moving average. The market’s close below thepivot swing number is a mildly negative setup. The near-term upside objective is at 110.38. More downside actionmay be limited by the RSI under 20 putting the market in extremely oversold territory. The next area of resistanceis around 110.21 and 110.38, while 1st support hits today at 109.87 and below there at 109.70.