The Swiss remains in a downward track on the charts and it failed to show positive action in the face of better than expected Euro zone data this morning! Down trend channel resistance in the September Swiss isseen at 1.1038 today and that trend line resistance falls down to 1.0999 by this coming Friday. As in the Euro,positive US Factory orders results later this morning should be expected to accentuate the downward action in theSwiss.
Technical Outlook: The stochastics indicators are rising from oversold levels, which is bullish and shouldsupport higher prices. The market’s short-term trend is negative as the close remains below the 9-day movingaverage. It is a slightly negative indicator that the close was lower than the pivot swing number. The next upsidetarget is 110.55. The next area of resistance is around 110.43 and 110.55, while 1st support hits today at 110.23and below there at 110.14.