With another sharp range down extension in the Swiss overnight a series of technical support levels have been violated. A lack of forward progress in the Euro zone economy throughout the August data sweep, residualflow toward the US Dollar and a lack of an end game in the Ukraine situation simply leaves the Swiss mired in adown trend. The next support on the weekly Swiss chart is seen down at 1.05 and then not until the 1.0453 level.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may be drying upsoon. The close below the 9-day moving average is a negative short-term indicator for trend. It is a slightlynegative indicator that the close was under the swing pivot. The next downside target is 104.74. The market isapproaching oversold levels on an RSI reading under 30. The next area of resistance is around 105.41 and105.67, while 1st support hits today at 104.95 and below there at 104.74.