With a quasi-blow off top and reversal over the last 14 hours increasing the technical edge of the bearcamp and global growth forecasts (particularly toward Europe) dominating the headlines again, we suspect thatthe December Swiss is poised for a quick slide to 1.04. To alter the downward bias in the Swiss today requires anearly rally back above 1.0506.
Technical Outlook: Momentum studies are rising from mid-range, which could accelerate a move higher ifresistance levels are penetrated. The market’s short-term trend is positive on the close above the 9-day movingaverage. The market could take on a defensive posture with the daily closing price reversal down. It is a slightlynegative indicator that the close was lower than the pivot swing number. The next upside target is 105.94. Thenext area of resistance is around 105.25 and 105.94, while 1st support hits today at 104.27 and below there at103.97.