While the Swiss was oversold and deserving of a bounce, the upside might be limited by fresh tensionsin the Ukraine. While the Euro might see some pressure off dovish ECB talk later today, the Swiss might benefitfrom ideas that help from the ECB will help to cushion Europe against deflationary pressures. The overall trendremains down and to change that pattern might require a rally above a 4 month old down trend channelresistance line that is seen today up at 1.1054. That resistance line falls down to 1.1048 on Monday.
Technical Outlook: The downside crossover (9 below 18) of the moving averages suggests a developingshort-term downtrend. Daily stochastics are trending lower but have declined into oversold territory. The closebelow the 9-day moving average is a negative short-term indicator for trend. The upside closing price reversal onthe daily chart is somewhat bullish. The close over the pivot swing is a somewhat positive setup. The nextdownside objective is 109.25. The next area of resistance is around 109.95 and 110.06, while 1st support hitstoday at 109.55 and below there at 109.25.