Carryover support from the Euro has helped to lift the Swiss Franc this morning, although prices remainwell below this week’s early highs. With safe-haven support likely to be a “back-burner” issue coming into the endof the year, the Swiss Franc remains vulnerable to further downside price action. The March Swiss may slidedown towards the 111.58 area later today, and may need to see weak US Jobless Claims data in order to regainstrong upside momentum.
Technical Outlook: Stochastics trending lower at midrange will tend to reinforce a move lower especially ifsupport levels are taken out. The intermediate trend has turned down with the cross over back below the 18-daymoving average. The market tilt is slightly negative with the close under the pivot. The next downside objective isnow at 111.26. The next area of resistance is around 111.92 and 112.19, while 1st support hits today at 111.46and below there at 111.26.