The Swiss retains a pattern of lower highs and lower lows. While the Davos conference might cushionthe Swiss temporarily, strong UK data, positive sentiment toward the German economy and residual fears of UStapering, leaves the bear camp in the Swiss with the fundamental edge. Traders should look to sell a minorbounce in the March Swiss up to 1.1002.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may be drying upsoon. The close below the 9-day moving average is a negative short-term indicator for trend. The daily closingprice reversal up is a positive indicator that could support higher prices. It is a slightly negative indicator that theclose was under the swing pivot. The next downside objective is now at 108.93. The next area of resistance isaround 110.32 and 110.65, while 1st support hits today at 109.46 and below there at 108.93.