The Swiss sits poised above a fresh downside breakout point on the charts, with thin and suspectsupport seen down at 1.0622. Pushed into the Swiss, we prefer to sell rallies expecting even more downsideaction in the coming weeks. Slack German data, rising Ebola fears and persistent dominance by the Dollar leavesthe trend in the Swiss pointing downward.
Technical Outlook: Momentum studies are still bearish but are now at oversold levels and will tend tosupport reversal action if it occurs. The market’s close below the 9-day moving average is an indication the shorttermtrend remains negative. It is a mildly bullish indicator that the market closed over the pivot swing number.The next downside objective is 106.05. The next area of resistance is around 106.81 and 107.18, while 1stsupport hits today at 106.25 and below there at 106.05.