While the Swiss managed a noted upside attempt overnight, the trade was unable to sustain that attempt to recover. With the price of oil weak, the Dollar bolstered by data from last week and more fears of deflationary pressure in the Euro zone overnight, the path of least resistance in the Swiss is pointing downward. Down trend channel resistance is seen up at 98.94.
Technical Outlook: The daily stochastics have crossed over up which is a bullish indication. Rising from oversold levels, daily momentum studies would support higher prices, especially on a close above resistance. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next upside objective is 99.25. The 9-day RSI under 30 indicates the market is approaching oversold levels. The next area of
resistance is around 99.05 and 99.25, while 1st support hits today at 98.35 and below there at 97.85.