Talk of possible SNB intervention seems to have fallen on deaf ears overnight as the Swiss continues to forge damage on its charts as it reached down to the lowest level since the historic explosion session earlier this month. We think the Swiss is poised to slide down toward the 105 level as the SNB has lost credibility and they might not want to take on the entire market after the turmoil they caused earlier this month.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. The market tilt is slightly negative with the close under the pivot. The next downside objective is now at 109.41. The next area of resistance is around 111.26 and 112.08, while 1st support hits today at 109.92 and below there at 109.41.