The Swiss has managed to consolidate above last week’s spike low in the wake of renewed global slowing fears and from reports that the Ukraine National army is preparing to pull back troops from the buffer zonein compliance with the Cease-fire. However, unless an official Peace is put in place, or until the ECB providesenough stimulus to improve overall sentiment, we find it difficult to call for an end to the downtrend in the Swiss.
Technical Outlook: The stochastics indicators are rising from oversold levels, which is bullish and shouldsupport higher prices. The market’s short-term trend is negative as the close remains below the 9-day movingaverage. The swing indicator gave a moderately negative reading with the close below the 1st support number.The near-term upside objective is at 107.43. With a reading under 30, the 9-day RSI is approaching oversoldlevels. The next area of resistance is around 106.80 and 107.43, while 1st support hits today at 105.96 and belowthere at 105.74.