With a quasi-downside breakout on the charts overnight and a downward revision in Euro zone growthforecasts from the Bundesbank, we have to think that the Swiss is headed back toward the early Augustconsolidation lows, which are situated down around the 1.0987 level.
Technical Outlook: The upside crossover (9 above 18) of the moving averages suggests a developingshort-term uptrend. Stochastics are at mid-range but trending higher, which should reinforce a move higher ifresistance levels are taken out. The market back below the 18-day moving average suggests the intermediatetermtrend could be turning down. The close below the 1st swing support could weigh on the market. The neartermupside target is at 110.53. The next area of resistance is around 110.23 and 110.53, while 1st support hitstoday at 109.81 and below there at 109.68.