With the Swiss tied to the Euro on upside and downside moves, it is not surprising to see the Swissrange down sharply again this morning. In short, global growth views are being downgraded and the high flyingEuro and Swiss has more value to give back than most currencies. There might not be much in the way of solidsupport in the Swiss until the 1.11 level!
Technical Outlook: A negative indicator was given with the downside crossover of the 9 and 18 barmoving average. Daily stochastics declining into oversold territory suggest the selling may be drying up soon. Theclose below the 9-day moving average is a negative short-term indicator for trend. The market tilt is slightlynegative with the close under the pivot. The next downside target is now at 112.17. The next area of resistance isaround 112.53 and 112.70, while 1st support hits today at 112.27 and below there at 112.17.