OK...this is on my '01 V70 GT, so I don't know about other MYs, but here's how to find it:
Get a flashlight.
With hood open (duh), stand on the left side of the car and look under the air duct, but to the left side (i.e. towards you) of the lower radiator hose. On mine, it's also partially obscured by a wiring bundle. You can't see it if you're standing in front of the car, since the plastic air duct is right over it.
You should be able to see part or all of the stick head...it's yellow and quite bulky (almost the diameter of a quarter). It has a warning on it about special ATF - you know, the liquid diamonds.
You can get an unobstructed view of it by leaning forward, over the engine, and pulling the lower radiator hose towards you.
Now, once you find it, you'll next start to wonder how the hell to reach it and whether the specs call for a hot level check. If it's checked cold (not likely), it's much less of a problem, but if it's to be hot then the only practical solution is to get a spider monkey and fit him with a shoulder-length welder's glove. Failing that, you could try and talk your smaller-handed spouse into putting a glove on and grabbing it.
Tomorrow morning with a cold engine compartment I'll see how hard it is to reach, yank and read.