We think the Swiss has found some value on the charts at last week’s lows of 1.0464. However, for theSwiss to throw off the March through early October down trend pattern probably requires signs of aRussia/Ukraine peace deal or a pattern of better than expected European data flows. Down trend channelresistance in the December Swiss is seen at 1.0602 today and that resistance line falls down to 1.0591 onTuesday.
Technical Outlook: Stochastics trending lower at midrange will tend to reinforce a move lower especially ifsupport levels are taken out. The intermediate trend could be turning up with the close back above the 18-daymoving average. It is a mildly bullish indicator that the market closed over the pivot swing number. The nextdownside target is now at 104.53. The next area of resistance is around 105.35 and 105.61, while 1st support hitstoday at 104.81 and below there at 104.53.