Like the Euro, the Swiss is benefiting from the news of the Ukrainian cease-fire. The Swiss is alsobenefiting from a short term oversold technical condition. However, unless the September Swiss manages to takeout a down trend channel resistance line up at 1.1006 the trend looks to remain down. That down trend channelresistance line falls to 1.0988 by next Monday.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. A negative signalfor trend short-term was given on a close under the 9-bar moving average. It is a slightly negative indicator thatthe close was under the swing pivot. The next downside target is 108.39. With a reading under 30, the 9-day RSIis approaching oversold levels. The next area of resistance is around 109.02 and 109.20, while 1st support hitstoday at 108.62 and below there at 108.39.