Like the Euro, the Swiss remains mired in a downward pattern on the charts as ongoing fears of slowing throughout Europe, off Russian sanctions continues to hang over the marketplace. With Russia predicting a return to recession in 2015 and Russian sanctions viewed as a cloud hanging over activity there is plenty of bearish evidence in place. Some players are selling the Swiss off disappointment in the recent referendum, while others are selling because the Swiss is clearly in a very well-defined down trend pattern on its charts.
Technical Outlook: Declining momentum studies in the neutral zone will tend to reinforce lower price action. The market’s short-term trend is negative as the close remains below the 9-day moving average. The daily closing price reversal up on the daily chart is somewhat positive. It is a mildly bullish indicator that the market closed over the pivot swing number. The next downside objective is now at 102.85. The next area of resistance is around 104.11 and 104.50, while 1st support hits today at 103.29 and below there at 102.85.