Now that the flight to quality premium from the Ukraine situation has been largely removed from theSwiss, it is possible that the currency might be poised to catch a temporary lift off developing weakness in theDollar and or from IMF calls for the EU to provide more support to the European economy. Up trend channelsupport in the March Swiss is seen at 1.1199 and that moves up to 1.1208 on Friday. Initial resistance is seen at1.1300 and we expect at least a retest of that level in the coming 36 hours of trade.
Technical Outlook: Stochastics trending lower at midrange will tend to reinforce a move lower especially ifsupport levels are taken out. The market’s short-term trend is negative as the close remains below the 9-daymoving average. The market tilt is slightly negative with the close under the pivot. The next downside objective is112.23. The next area of resistance is around 112.90 and 113.10, while 1st support hits today at 112.46 andbelow there at 112.23.