Not surprisingly, the Swiss has seen another lower low for the move overnight in the wake of fresh strength in the Dollar and fresh new lows in the Euro. The next significant downside targeting in the Swiss is seen down at 1.0274.
Technical Outlook: 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. It is a slightly negative indicator that the close was under the swing pivot. The next downside target is now at 103.54. Some caution in pressing the downside is warranted with the RSI under 30. The next area of resistance is around 104.35 and 104.83, while 1st support hits today at 103.71 and below there at 103.54.