Like the Euro, the Swiss appears to be technically oversold and perhaps somewhat overdone from a fundamental perspective. However, if the Russia/Ukraine situation sees tensions rekindled again at the end of thisweek that could easily restart the downward motion in the Swiss. For now, somewhat solid chart support in theSeptember Swiss is seen down at 1.0945.
Technical Outlook: The daily stochastics have crossed over down which is a bearish indication.Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. Anegative signal for trend short-term was given on a close under the 9-bar moving average. The defensive setup,with the close under the 2nd swing support, could cause some early weakness. The next downside target is109.05. The next area of resistance is around 109.79 and 110.20, while 1st support hits today at 109.22 andbelow there at 109.05.