The Swiss forged a fresh new low for the move overnight and appears to remain entrenched in thedownward track that has dominated the trade since the early May highs. Fears of fresh slowing in Germany offstrikes, slack Euro zone consumer confidence results and residual confidence toward the Dollar leaves the Swissheaded toward longer term targeting of 1.04.
Technical Outlook: The daily stochastics gave a bearish indicator with a crossover down. Dailystochastics are trending lower but have declined into oversold territory. The close below the 9-day movingaverage is a negative short-term indicator for trend. The close below the 1st swing support could weigh on themarket. The next downside target is 104.65. The market is approaching oversold levels on an RSI reading under30. The next area of resistance is around 105.51 and 105.97, while 1st support hits today at 104.85 and belowthere at 104.65.