With a quasi-downside breakout on the chars overnight and a downward revision in Euro zone growth forecasts from the Bundesbank, we have to think that the Swiss is headed back toward the early Augustconsolidation lows down around 1.0987.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higher priceaction. The close under the 18-day moving average indicates the intermediate-term trend could be turning down.The close below the 1st swing support could weigh on the market. The near-term upside target is at 110.96. Thenext area of resistance is around 110.59 and 110.96, while 1st support hits today at 110.07 and below there at109.91.