While the Swiss has clawed up and away from its recent lows, the down trend pattern hasn’t been reversed. In fact, with the potential for a Russian melt down ahead and the potential for knock-on slowing from the Russian situation, we suspect that the Swiss will make fresh lower lows into the end of the year.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory. The market’s short-term trend is negative as the close remains below the 9-day moving average. The market tilt is slightly negative with the close under the pivot. The next downside target is now at 101.12. The next area of resistance is around 101.73 and 101.97, while 1st support hits today at 101.31 and below there at 101.12.