The Swiss trend remains down but perhaps the Swiss became temporarily oversold into its overnight lows. We would suggest that Swiss shorts guard against the US claims reaction later this morning, but in generalan improvement of global economic conditions could help to discourage ongoing selling of the Swiss. However,for the Swiss and Euro to make a major bottom probably requires signs of a final Ukraine Peace deal and or alonger string of improving Euro zone data.
Technical Outlook: The daily stochastics gave a bearish indicator with a crossover down. Momentumstudies trending lower at mid-range should accelerate a move lower if support levels are taken out. The marketback below the 18-day moving average suggests the intermediate-term trend could be turning down. The market’sclose below the 1st swing support number suggests a moderately negative setup for today. The next downsideobjective is 104.28. The next area of resistance is around 105.24 and 105.80, while 1st support hits today at104.48 and below there at 104.28.