Seeing the Swiss remain near its recent lows in the wake of a Ukraine deal suggests that the true trend in the Swiss remains down. In other words, seeing the Swiss fail to forge even a minimal short covering bounce in the wake of subtle shift toward global risk-on sentiment highlights the downside path of least resistance.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. The market tilt is slightly negative with the close under the pivot. The next downside target is now at 107.19. The next area of resistance is around 108.31 and 108.82, while 1st support hits today at 107.49 and below there at 107.19.