The technical short covering effort in the Swiss has probably run its course especially with headlines overnight suggesting that Russian sanctions continue to weigh on Euro zone growth and with German officials suggesting that there is no reason to end sanctions against Russia given their ongoing behavior in the Ukraine. Down-trend channel resistance is seen at 1.0455 today and that line falls down to 1.0447 in the next trading session.
Technical Outlook: Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The market’s short-term trend is negative as the close remains below the 9-day moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next downside objective is now at 102.92. The next area of resistance is around 104.08 and 104.29, while 1st support hits today at 103.40 and below there at 102.92.