Like other currencies the Swiss saw a fresh downside breakout overnight and a rejection of that probe. Significantly oversold technicals probably justify some type of recovery bounce but the fundamentals don’t offerup any news to halt the slide. In fact, seeing German officials overnight suggest that recent pro-Russian electionsin the Ukraine would seem to justify additional sanctions against Russia, looks to leave the Swiss and Euro underfundamental pressure.
Technical Outlook: The moving average crossover down (9 below 18) indicates a possible developingshort-term downtrend. Daily stochastics are trending lower but have declined into oversold territory. The closebelow the 9-day moving average is a negative short-term indicator for trend. The market’s close below the 1stswing support number suggests a moderately negative setup for today. The next downside objective is now at102.90. The next area of resistance is around 104.54 and 105.17, while 1st support hits today at 103.40 andbelow there at 102.90.