Sell rallies to 1.0349 looking for the down trend to resume off ongoing weakness in oil prices, Russian complaints against US involvement in its affairs and weakness in French and UK data as that leaves the Dollar in charge of currencies like the Swiss.
Technical Outlook: The crossover up in the daily stochastics is a bullish signal. Daily momentum studies are on the rise from low levels and should accelerate a move higher on a push through the 1st swing resistance. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. With the close over the 1st swing resistance number, the market is in a moderately positive position. The near-term upside objective is at 104.37. The next area of resistance is around 103.70 and 104.37, while 1st support hits
today at 102.36 and below there at 101.70.