A failed recovery attempt to start the trading week in the Swiss probably creates an opportunity to get short for a continuation of the 8 month old down trend pattern. Recession fears in Europe and Japan leave thetrend pointing downward in the Swiss. Down trend channel resistance is seen up at 1.0474 but that resistance linefalls down to 1.0464 on Tuesday and to 1.0436 by this coming Friday. Initial downside targeting in the DecemberSwiss at the start of this week is 1.0333.
Technical Outlook: Momentum studies are rising from mid-range, which could accelerate a move higher ifresistance levels are penetrated. The cross over and close above the 18-day moving average indicates theintermediate-term trend has turned up. A positive signal was given by the outside day up. A positive setupoccurred with the close over the 1st swing resistance. The next upside target is 105.33. The next area ofresistance is around 104.93 and 105.33, while 1st support hits today at 103.67 and below there at 102.82.