Slack Euro zone data, lingering Euro-zone political fear and a Russian financial disaster hang over the Swiss which looks to go into a significant downward extension on its charts. Using longer term monthly charts, the next significant support level is seen down at even money of 1.00 or parity with the Dollar.
Technical Outlook: The market was pushed to a new contract low. Daily stochastics declining into oversold territory suggest the selling may be drying up soon. The market’s short-term trend is negative as the close remains below the 9-day moving average. The market’s close below the 1st swing support number suggests a moderately negative setup for today. The next downside target is 100.21. With a reading under 30, the 9-day RSI is approaching oversold levels. The next area of resistance is around 101.05 and 101.53, while 1st support hits today at 100.39 and below there at 100.21.