The Swiss has ranged down sharply overnight and hit the lowest level since the June 5th spike down move. Apparently the Swiss is falling in sync with the Euro which is being pressured by fears of wider spreadsanctions with Russia. We also have to think that the Swiss is enjoying the downward bias with the blessing of theSNB which would be content to see a quick return to levels below 1.10.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. The market’s closebelow the 9-day moving average is an indication the short-term trend remains negative. The market has a slightlypositive tilt with the close over the swing pivot. The next downside objective is now at 111.18. The next area ofresistance is around 111.52 and 111.63, while 1st support hits today at 111.30 and below there at 111.18.