While most of the big spike down washout from yesterday was rejected, the damage on the charts remains in place and the talk of pro-Russian elections in portions of a disputed Ukraine region suggests acontinued macro-economic drag all of Europe ahead. Down trend channel resistance and a fresh selling point forthe December Swiss is seen at 1.0660 but that resistance line falls down to 1.0650 on Monday.
Technical Outlook: The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold levels, which is bullish and should support higher prices. The close below the 9-day moving average is a negative short-term indicator for trend. The market’s close below the pivotswing number is a mildly negative setup. The near-term upside target is at 106.28. With a reading under 30, the9-day RSI is approaching oversold levels. The next area of resistance is around 106.00 and 106.28, while 1stsupport hits today at 105.31 and below there at 104.89.