Like the Euro, the Swiss has forged a sideways consolidation pattern of late as classic fundamental issues continue to sit on the shoulders of the Swiss. News of a sharp rise in Swiss deposits highlights ongoing anxiety toward the economy and while the situation in Russia isn’t markedly worse this morning, there doesn’t appear to be a development to suggest that a Russian crisis will be averted.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. The daily closing price reversal down is a negative indicator for prices. The market tilt is slightly negative with the close under the pivot. The next downside target is 100.97. The next area of resistance is around 101.68 and 102.05, while 1st support hits today at 101.14 and below there at 100.97.