While the Swiss showed a temporary rally overnight, the trade clearly wasn’t interested in supporting thatkind of move. Like the Euro, the Swiss appears to be vulnerable to some near term selling but ranges might benarrow and there doesn’t appear to be a dominating theme among the Dollar, Euro and Swiss markets.
Technical Outlook: Momentum studies are still bearish but are now at oversold levels and will tend tosupport reversal action if it occurs. The close below the 9-day moving average is a negative short-term indicatorfor trend. It is a slightly negative indicator that the close was under the swing pivot. The next downside target is111.77. Some caution in pressing the downside is warranted with the RSI under 30. The next area of resistance isaround 112.28 and 112.40, while 1st support hits today at 111.97 and below there at 111.77.