The March Swiss remained under pressure overnight despite recent news of a fairly impressive gain inSwiss retail sales of 4.2% in November relative to the prior month. Initial downside support is seen down at1.1002 and then not until the 1.0964 level. In the near, term the Swiss trade should find it difficult to overcome theUS Dollar’s macro economic and interest rate differential edge.
Technical Outlook: The close below the 60-day moving average is an indication the longer-term trend hasturned down. Daily stochastics are showing positive momentum from oversold levels, which should reinforce amove higher if near term resistance is taken out. The market’s short-term trend is positive on the close above the9-day moving average. The market’s close below the 1st swing support number suggests a moderately negativesetup for today. The next upside target is 111.52. The next area of resistance is around 111.14 and 111.52, while1st support hits today at 110.58 and below there at 110.39.