The Swiss continues to slide on its charts with the next downside target on the charts seen down at the July 2012 low down at 1.0040. While sharp declines in oil and the Russian currency might eventually bring about an end to the Russian/Ukraine sanctions, it could take a major shift in Russian dealings to put in a solid low in the Swiss in the short term.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. The market’s short-term trend is negative as the close remains below the 9-day moving average. It is a slightly negative indicator that the close was lower than the pivot swing number. The next downside objective is 101.52. The next area of resistance is around 102.81 and 103.45, while 1st support hits today at 101.85 and below there at 101.52.