While the Swiss has built a layer of consolidation support this week around the 1.0333 level, pushed in to the market today we have to remain in the bear’s camp because of the rising threat of more Russian sanctions ahead. From a technical perspective, a pattern of lower highs pegs resistance today at 1.0381 in the December Swiss.
Technical Outlook: Daily stochastics are showing positive momentum from oversold levels, which shouldreinforce a move higher if near term resistance is taken out. The market’s short-term trend is positive on the closeabove the 9-day moving average. With the close over the 1st swing resistance number, the market is in amoderately positive position. The near-term upside objective is at 104.33. Short-term indicators suggest buyingpullbacks today. The next area of resistance is around 104.12 and 104.33, while 1st support hits today at 103.54and below there at 103.17.