Like the Euro and Yen, the Swiss is temporarily benefiting from slightly disappointing US non-farm payroll result. Aggressive traders might be lucky to see a recovery back to 1.0438 in the December Swiss to re-enter theshort side of the Swiss for a continuation of a well-defined down trend pattern. Slack European data expectationsshould leave a layer of resistance hanging over the Swiss directly ahead.
Technical Outlook: The market was pushed to a new contract low. Daily stochastics declining intooversold territory suggest the selling may be drying up soon. The market’s short-term trend is negative as theclose remains below the 9-day moving average. The daily closing price reversal up is a positive indicator thatcould support higher prices. The close over the pivot swing is a somewhat positive setup. The next downsidetarget is 102.40. The next area of resistance is around 104.05 and 104.33, while 1st support hits today at 103.09and below there at 102.40.