The downward tilt in the Swiss has settled back into place. With an extremely low bar for the US Nonfarmpayroll result later this morning (because of a long list of discouraging international data flows) we find it hardto avoid a fresh downside breakout in the Swiss later today.
Technical Outlook: The crossover up in the daily stochastics is a bullish signal. Daily momentum studiesare on the rise from low levels and should accelerate a move higher on a push through the 1st swing resistance.The market’s short-term trend is negative as the close remains below the 9-day moving average. Marketpositioning is positive with the close over the 1st swing resistance. The near-term upside target is at 105.53. Themarket is approaching oversold levels on an RSI reading under 30. The next area of resistance is around 105.22and 105.53, while 1st support hits today at 104.52 and below there at 104.13.