The Swiss continues to track in sync with the Euro and it is impressive to see the Swiss higher thismorning in the face of fresh ECB easing talk. Some might suggest part of the gains this morning, in the Swiss, arethe result of a technically oversold status in the Swiss at this week’s lows. A normal retracement of the May slidesuggests a bounce to 1.1332.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory. Themarket’s close below the 9-day moving average is an indication the short-term trend remains negative. The closebelow the 2nd swing support number puts the market on the defensive. The next downside target is 111.91. Thenext area of resistance is around 112.64 and 113.00, while 1st support hits today at 112.10 and below there at111.91.