A quasi-triple low formation on the charts, a rise in the Russian currency and a quasi-risk-on vibe gives the bull camp an edge even if the down trend in the Swiss remains entrenched. An added lift is being seen in the Swiss this morning in the wake of SNB intervention especially given the news of a rise in deposits last week. Initial resistance is seen up at 1.0235 and then again up at 1.0246.
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 101.28. The next area of resistance is around 102.13 and 102.56, while 1st support hits today at 101.49 and below there at 101.28.