For the time being the Swiss has seemed to respect its 50 day moving average at 1.0573 as resistance. Talk of an expanding cease-fire in Ukraine, residual strength in global equities and promises of stimulus from China should leave the path of least resistance pointing downward in the Swiss.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may be drying up soon. The close below the 9-day moving average is a negative short-term indicator for trend. The market’s close below the pivot swing number is a mildly negative setup. The next downside target is 104.75. The next area of resistance is around 105.55 and 105.90, while 1st support hits today at 104.98 and below there at 104.75.