While the March Swiss has built some consolidation support on the charts over the last two weeks, more impressively the Swiss has generally held up in the face of renewed Dollar strength and that argues against the bearish tide that has dominated the Swiss since the volatility blow out last month. Critical support is seen down at 1.0758 and while we see the trend remaining down, we think that upcoming declines will be harder to come by.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. A negative signal for trend short-term was given on a close under the 9-bar moving average. It is a mildly bullish indicator that the market closed over the pivot swing number. The next downside objective is now at 107.32. The next area of resistance is around 108.96 and 109.52, while 1st support hits today at 107.86 and below there at 107.32.