A pattern of lower highs leaves the bias in the Swiss pointing downward but the slide lower has been tempered by the developing weakness in the Dollar and because of a slight improvement in sentiment toward the Greece situation. We continue to think the Swiss ultimately settles down around 1.05 and therefore today we see initial resistance up at 1.0863.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next downside target is now at 107.16. The next area of resistance is around 109.11 and 109.77, while 1st support hits today at 107.81 and below there at 107.16.