While the SNB is reportedly circulating or fostering a fresh Swiss/Euro band in the early Monday trade, reports are that band might be rather wide at 1.05 to 1.10 and that the band might only be loosely enforced. Therefore the path of least resistance in the Swiss looks to remain down, with the 1.05 level seemingly a near term target.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The close below the 9-day moving average is a negative short-term indicator for trend. The upside closing price reversal on the daily chart is somewhat bullish. It is a mildly bullish indicator that the market closed over the pivot swing number. The next downside objective is now at 107.23. The next area of resistance is around 109.85 and 110.47, while 1st support hits today at 108.23 and below there at 107.23