The June Swiss did see a fresh lower low for the move overnight but the market has rejected thatbreakout and has recovered slightly in the wake of favorable Euro zone jobless results. However, the fear ofeasing from the ECB later this week could make it difficult for the June Swiss to fully reverse a clearly defineddowntrend channel on the charts. Top of the down trend channel is seen today at 1.1180 and that resistance fallsto 1.1157 by this coming Friday.
Technical Outlook: Rising from oversold levels, daily momentum studies would support higher prices,especially on a close above resistance. A negative signal for trend short-term was given on a close under the 9-bar moving average. The market setup is somewhat negative with the close under the 1st swing support. Thenear-term upside objective is at 111.91. Some caution in pressing the downside is warranted with the RSI under30. The next area of resistance is around 111.56 and 111.91, while 1st support hits today at 111.02 and belowthere at 110.83.