With Brussels acknowledging reports of Russian armored vehicles potentially moving into sovereign Ukraine territory it is clear that Putin won’t be deterred from evening the battle between Ukrainian national forcesand pro-Russian rebels. Therefore we suggest that traders sell the Swiss on the current rally, looking for adownside extension next week. Use a stop on the fresh short sale up at 1.1010.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higher priceaction. The close above the 9-day moving average is a positive short-term indicator for trend. The close over thepivot swing is a somewhat positive setup. The next upside target is 110.98. The next area of resistance is around110.65 and 110.98, while 1st support hits today at 110.05 and below there at 109.77.