The path of least resistance is pointing downward in the Swiss, as a lower low for the move and thelowest price since December 3rd leaves the bear camp with a technical edge. Perhaps the Swiss is beingpressured by Press coverage of a $16 billion 2013 loss in Swiss gold reserve values, or perhaps the Swiss isseeing some indirect pressure from the better than expected German economic news released overnight. Nearterm downside targeting is seen down at 1.10 and an even lower support target is seen down at a 9 month old uptrend channel support line of 1.0992.
Technical Outlook: Momentum studies are still bearish but are now at oversold levels and will tend tosupport reversal action if it occurs. A negative signal for trend short-term was given on a close under the 9-barmoving average. The upside closing price reversal on the daily chart is somewhat bullish. The market tilt is slightlynegative with the close under the pivot. The next downside objective is now at 110.03. The next area ofresistance is around 111.00 and 111.27, while 1st support hits today at 110.38 and below there at 110.03.