With another lower low for the move in the Swiss overnight it is clear that economic developments of the last 24 hours have not altered the entrenched bearish view toward the Swiss. Next downside targeting in the March Swiss is seen down at 1.0250 and perhaps not until the 1.0216 level.
Technical Outlook: The daily stochastics have crossed over up which is a bullish indication. Rising from oversold levels, daily momentum studies would support higher prices, especially on a close above resistance. 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 upside objective is 104.83. The 9-day RSI under 30 indicates the market is approaching oversold levels. The next area of resistance is around 104.37 and
104.83, while 1st support hits today at 103.35 and below there at 102.78.