Like the Euro, the Swiss sits just above a fresh downside breakout on its charts. Also like the Euro, theSwiss is undermined by the fear that Russian sanctions are holding down Eastern European activity. Traders alsothink that even more sanctions are likely in the event that the Russians press forward with a border incursion todeliver aid. Critical consolidation support in the September Swiss is seen at 1.0987 and then not until the 1.0974level. Pushed into the Swiss, the bear camp clearly has an edge.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higher priceaction. The close below the 9-day moving average is a negative short-term indicator for trend. The swing indicatorgave a moderately negative reading with the close below the 1st support number. The next upside target is110.62. The next area of resistance is around 110.43 and 110.62, while 1st support hits today at 109.97 andbelow there at 109.69.