While the Swiss has shown some capacity to respect recent spike lows, that temporary support is the result of a minor wave of concern toward the US Ebola situation. We have to think that some players will look togo home short the Swiss into the weekend as the threat of Ukrainian fighting into elections and the release ofEuropean bank stress test results this weekend would seem to feed the recent liquidation bias. Initial support isseen at 1.0484 and then again down at 1.0464.
Technical Outlook: Stochastics trending lower at midrange will tend to reinforce a move lower especially ifsupport levels are taken out. A negative signal for trend short-term was given on a close under the 9-bar movingaverage. The market tilt is slightly negative with the close under the pivot. The next downside target is now at104.40. The next area of resistance is around 105.08 and 105.33, while 1st support hits today at 104.62 andbelow there at 104.40.