The Swiss has put in a near-term floor around the 1.1051 level but along with the Euro remains in a tightrange this week and is showing few signs of climbing away from these low price levels. Unless the headwindscoming from the Euro zone and Ukraine start to calm down, the September Swiss is looking more and more likelyto see an extended downside move towards the 1.10 level.
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. It is a slightly negativeindicator that the close was under the swing pivot. The next downside target is 110.42. With a reading under 30,the 9-day RSI is approaching oversold levels. The next area of resistance is around 110.73 and 110.82, while 1stsupport hits today at 110.53 and below there at 110.42.