Unlike the Euro which has managed to consolidate periodically, the Swiss has remained in a negativechart pattern. In fact, with an extending pattern of lower highs and lower lows, the Swiss clearly needs to seefurther deterioration in the US economic outlook or a recovery in the Euro to avoid a slide below the 1.12 level.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may be drying upsoon. The close below the 9-day moving average is a negative short-term indicator for trend. The market’s closebelow the pivot swing number is a mildly negative setup. The next downside target is now at 111.91. The 9-dayRSI under 30 indicates the market is approaching oversold levels. The next area of resistance is around 112.23and 112.40, while 1st support hits today at 111.99 and below there at 111.91.