The Swiss is caught in the downdraft created by the Euro but it is also possible that Swiss retail salesgains of only +0.4% in April, were simply judged to be unimpressive. With commentary from the Euro zonecasting a shadow over the Swiss economy and little in the way of support in the June Swiss until the old low of1.1065, the bear camp looks to retain control.
Technical Outlook: Momentum studies are rising from mid-range, which could accelerate a move higher ifresistance levels are penetrated. The intermediate trend has turned down with the cross over back below the 18-day moving average. The close below the 1st swing support could weigh on the market. The near-term upsidetarget is at 112.36. The next area of resistance is around 111.84 and 112.36, while 1st support hits today at111.08 and below there at 110.84.