The cross is unwinding part of.....>

EURO-SWISS TECHS: The cross is unwinding part of it's recent rally:

- Early indications are that recent strong gains from 1.0505 to 1.0916

potentially represent a more significant medium-term reversal.

- If this is indeed the case, key support around the 1.0660 level would need to

hold to avoid a deeper setback, that would again expose the key 1.0500 support

and the level that appears to be a new line in the sand for the SNB. 

- An ability to hold above the 1.0660 area would reinforce a view that the cross

has finally turned a corner.

- For now, the move lower represents an unwinding of a recent overbought

condition as clearly at 1.0900, the trend had travelled too far and too fast.

- Watch supports at 1.0697, 20-day EMA and 1.0637, the 50-day EMA. On the point

and figure chart, 1.0660 has been identified as a key level.