The Swiss is partially lifted by residual weakness in the Dollar but it might also be drafting some support from decent Euro zone data and promises of even more aggressive action from the ECB next week. One might also take a leap of faith and suggest some of the gains in the Swiss today are the result of speculation that the Russian are getting closer to being financially forced out of the Ukraine because of unrelenting declines in the Russian currency and the sharp slide in oil prices.
Technical Outlook: Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The market’s short-term trend is positive on the close above the 9-day moving average. The daily closing price reversal down puts the market on the defensive. It is a slightly negative indicator that the close was lower than the pivot swing number. The next upside target is 104.31. The next area of resistance is around 103.73 and 104.31, while 1st support hits today at 102.83 and below there at 102.50.