A series of highs around the 1.1104 area look to be stiff resistance in the Swiss. While the Swiss mightsee some minor lift from no change in BOE and ECB policy, the overall trend in the Swiss seems to favor thedownside, with a series of lower highs in place since the late December high. In the short term, we can’t rule out atemporary return to a quasi double bottom low down at 1.1014.
Technical Outlook: Stochastics trending lower at midrange will tend to reinforce a move lower especially ifsupport levels are taken out. The market’s short-term trend is negative as the close remains below the 9-daymoving average. It is a mildly bullish indicator that the market closed over the pivot swing number. The nextdownside objective is now at 110.08. The next area of resistance is around 111.01 and 111.37, while 1st supporthits today at 110.37 and below there at 110.08.