A decline below the 100 day moving average and a fresh lower low for the move leaves the technical picture in the Swiss in favor of the bear camp. Slack Swiss manufacturing results for February also favor the bear camp with little in the way of significant support in the March Swiss seen until the 1.0434 level.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may be drying up soon. 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 104.02. The next area of resistance is around 105.50 and 106.25, while 1st support hits today at 104.38 and below there at 104.02.