Another lower low for the move in the Swiss provides the bear camp with a fresh measure of confidence. Until the Swiss returns to the levels seen in November and December (below 1.05) or the RSI reading falls below 19 (currently it is 32.5) we leave the bias in the Swiss pointing downward.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may be drying up soon. The close below the 9-day moving average is a negative short-term indicator for trend. The swing indicator gave a moderately negative reading with the close below the 1st support number. The next downside target is now at 104.92. The next area of resistance is around 107.02 and 108.01, while 1st support hits today at 105.48 and below there at 104.92.