Like the Euro, the Swiss continues to face a bearish chart setup and lingering bearish fundamental vibes. The June Swiss should have a critical pivot point this morning at 1.1096 this morning especially through the USscheduled report window. From the charts it would seem to be difficult to throw off the downward bias unless USnumbers are weaker than expectations.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may be drying upsoon. The market’s short-term trend is negative as the close remains below the 9-day moving average. Themarket’s close below the pivot swing number is a mildly negative setup. The next downside target is now at110.73. The next area of resistance is around 111.29 and 111.53, while 1st support hits today at 110.90 andbelow there at 110.73