A minor upside breakout on the Swiss charts probably has the attention of the SNB as they might be inclined to intervene if the March Swiss were to mount a return to the 1.10 level ahead. In the short term the Swiss looks poised to lose to either the Euro or the Dollar and therefore the bear camp looks to have more potential than the bull camp.
Technical Outlook: The moving average crossover down (9 below 18) indicates a possible developing short-term downtrend. Declining momentum studies in the neutral zone will tend to reinforce lower price action. The market’s short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat bullish. The market has a slightly positive tilt with the close over the swing pivot. The next downside target is 107.21. The next area of resistance is around 109.43 and 109.80, while 1st support hits today at 108.13 and below there at 107.21.