With the Swiss managing to reach a fresh new high for the week this morning and with the Swissse emingly rejecting the latest probe below the 1.10 level, one gets the impression that the Swiss has found some form of value on the charts. However, to see a sustained bottom in the Swiss probably requires a toning down of Russian angst and signs of cooperation by Russia! Initial resistance is seen up at 1.1060 and we would besurprised to see a rise above that level without some major improvement in all things Ukrainian.
Technical Outlook: Daily momentum studies are on the rise from low levels and should accelerate a movehigher on a push through the 1st swing resistance. The market’s close below the 9-day moving average is anindication the short-term trend remains negative. The daily closing price reversal down puts the market on thedefensive. It is a slightly negative indicator that the close was lower than the pivot swing number. The next upsidetarget is 110.54. The next area of resistance is around 110.29 and 110.54, while 1st support hits today at 109.83and below there at 109.61.