While a morning rally has taken the Swiss Franc into positive territory, it is showing little inclination forrecovering any large portion of this week’s steep losses. Sluggish inflation levels remains a longer-term problemfor the Swiss Franc, which needs a fresh dose of safe-haven support in order to avoid further chart damage overthe rest of this year. The March Swiss may find near-term support around the 111.25 level, and looks to havefurther downside left to go before it can find any sort of longer-term floor.
Technical Outlook: Momentum studies are trending lower from high levels which should accelerate amove lower on a break below the 1st swing support. The intermediate trend has turned down with the cross overback below the 18-day moving average. The close below the 1st swing support could weigh on the market. Thenext downside target is now at 110.92. Daily studies pointing down suggests selling minor rallies. The next area ofresistance is around 111.79 and 112.23, while 1st support hits today at 111.14 and below there at 110.92.