The Swiss has forged another lower low on the charts overnight and the ongoing prowess of the Dollarlooks to keep the pressure on the Swiss. Keep in mind, the SNB wants the exchange rate to decline significantly and that could leave a near term target of 1.0895. In fact, the March Swiss recently took out the 100 day movingaverage at 1.1011 and an ultimate return to an old double bottom low down at 1.0829 might be in the cards overthe coming weeks of trade! Sell the March Swiss at 1.0990, looking for a near term target of 1.0895.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. The market’sclose below the 9-day moving average is an indication the short-term trend remains negative. There could besome early pressure today given the market’s negative setup with the close below the 2nd swing support. Thenext downside target is 109.42. The next area of resistance is around 110.40 and 110.93, while 1st support hitstoday at 109.64 and below there at 109.42.