The Swiss this morning sits roughly 65 points above the recent lows and we can’t rule out a temporaryrelief rally later today if the Fed holds steady. Since we see the trend pointing downward and we eventually seethe Swiss returning to 1.05 we would suggest that traders look to sell an upcoming bounce in the DecemberSwiss back up to 1.0740.
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 close above the 9-day moving average is a positive shorttermindicator for trend. The market setup is supportive for early gains with the close over the 1st swingresistance. The next upside target is 107.99. Consider buying pull-backs since daily studies are bullish. The nextarea of resistance is around 107.66 and 107.99, while 1st support hits today at 106.96 and below there at 106.58.