Like the Euro, the Swiss managed to garner some fresh favor this morning and that might have beenpartly the result of an oversold condition at last Friday’s lows and that might also be the result of a lack ofeconomic progress in the US and Euro zone. Solid support moves up to 1.1207 and there might not be much inthe way of resistance seen until the 1.1269 level.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. The market’s closebelow the 9-day moving average is an indication the short-term trend remains negative. It is a slightly negativeindicator that the close was lower than the pivot swing number. The next downside target is 111.49. The next areaof resistance is around 112.44 and 112.70, while 1st support hits today at 111.84 and below there at 111.49.