The Swiss has forged yet another downside breakout which suggests the trend remains firmly entrenched in a downward motion. Slack economic expectations, the overhang from entrenched Russian sanctions and the perception of ongoing Dollar dominance leaves the Swiss poised for a possible decline to long term support of 1.0250 on the weekly charts.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. The intermediate trend has turned down with the cross over back below the 18-day moving average. The close below the 2nd swing support number puts the market on the defensive. The next downside target is 102.11. The next area of resistance is around 103.32 and 103.99, while 1st support hits today at 102.38 and below there at 102.11.