The unrelenting rise in the Dollar leaves the Swiss entrenched in a downward pattern. One has to wonder how much lower the Swiss would be if the Euro weren’t under significant pressure and therefore we now lower our downside targeting in the nearby Swiss contract to the 100 level.
Technical Outlook: The daily stochastics gave a bearish indicator with a crossover down. Momentum studies are declining, but have fallen to oversold levels. The close below the 9-day moving average is a negative short-term indicator for trend. The market is in a bearish position with the close below the 2nd swing support number. The next downside objective is now at 101.67. With a reading under 30, the 9-day RSI is approaching oversold levels. The next area of resistance is around 103.28 and 104.20, while 1st support hits today at 102.02 and below there at 101.67.