While the Swiss is somewhat on edge because of a vote that would require gold to be used in conjunction with currency intervention, most analysts doubt that rule will become reality. If the SNB votes to involve gold in its intervention process that might make it difficult for the SNB to perform market operations and that could dramatically increase the volatility in the Swiss. As in most other non-dollar currencies, look to sell minor rallies in the Swiss ahead of US data flows.
Technical Outlook: A crossover down in the daily stochastics is a bearish signal. Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. A negative signal for trend short-term was given on a close under the 9-bar moving average. The upside daily closing price reversal gives the market a bullish tilt. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next downside objective is 102.69. The next area of resistance is around 103.80 and 103.97, while
1st support hits today at 103.16 and below there at 102.69.