After the recovery in the Swiss this week and given that 1.1077 might be fairly solid technical resistance,the path of least resistance in the Swiss looks to be down. With the SNB reiterating the unacceptably highexchange rate of the Swiss and suggesting that policy will continue to attempt to lower the exchange rate, wehave to suggest that aggressive and short term traders look to get short the March Swiss this morning for at leasta quick return to the 1.10 level and perhaps a return to 1.0964 early next week.
Technical Outlook: The daily stochastics have crossed over up which is a bullish indication. Dailymomentum studies are on the rise from low levels and should accelerate a move higher on a push through the 1stswing resistance. The close above the 9-day moving average is a positive short-term indicator for trend. Themarket has a slightly positive tilt with the close over the swing pivot. The next upside target is 111.30. The nextarea of resistance is around 110.96 and 111.30, while 1st support hits today at 110.10 and below there at 109.57.