Down trend channel resistance in the December Swiss is seen up at 1.0486 today and that resistanceline falls down to 1.0478 on Friday. Slack Euro zone data, a residual US macro-economic differential edge andlittle change in the Russian sanction situation leaves the bear camp in the Swiss with the fundamental edge.Aggressive traders should sell rallies to the overnight high of 1.0470.
Technical Outlook: Momentum studies are rising from mid-range, which could accelerate a move higher ifresistance levels are penetrated. The close above the 9-day moving average is a positive short-term indicator fortrend. It is a mildly bullish indicator that the market closed over the pivot swing number. The near-term upsideobjective is at 105.27. The next area of resistance is around 104.85 and 105.27, while 1st support hits today at104.09 and below there at 103.76.