The Swiss is undermined by less than impressive Swiss 4th quarter growth readings and with Swissgrowth anemic at only +.2% it could be difficult for the March Swiss to hold above the 1.12 level on the charts. Favorable economic news from Germany and Italy probably adds to the weight hanging over the Swiss today, buttraders should expect a temporary rally attempt in the wake of US durable goods release. However, a rally in theSwiss off the durable goods result could be sold off the hope that Yellen will ultimately knock the Swiss backdown.
Technical Outlook: A bearish signal was triggered on a crossover down in the daily stochastics.Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lowerprice action. The market’s short-term trend is negative as the close remains below the 9-day moving average. Themarket’s close below the 1st swing support number suggests a moderately negative setup for today. The nextdownside target is 111.54. Short-term indicators on the defensive. Consider selling an intraday bounce. The nextarea of resistance is around 112.68 and 113.13, while 1st support hits today at 111.88 and below there at 111.54.