The Sept Swiss remains subdued this morning, but has shaken off a surprisingly weak reading for theSwiss ZEW survey to post a modest gain. The SNB will be heard from later this week, however, so upside is likelyto be limited at best unless the Fed is surprisingly dovish. The Sept Swiss should find decent support around the1.1104 level, but looks vulnerable to a sharp downside move if that area is breeched later today.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory. Anegative signal for trend short-term was given on a close under the 9-bar moving average. The daily closing pricereversal down puts the market on the defensive. The market tilt is slightly negative with the close under the pivot.The next downside objective is now at 110.81. The next area of resistance is around 111.50 and 111.82, while 1stsupport hits today at 111.00 and below there at 110.81.