Down-trend channel resistance in the December Swiss today is seen at 1.0377 and the market was initially unable to hold above that potentially critical pivot point. We still think the trade is to sell the Swiss until there are signs of an end to the Russian Ukraine venture and or a series of Euro zone numbers that show something positive.
Technical Outlook: Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The market’s short-term trend is positive on the close above the 9-day moving average. The market has a slightly positive tilt with the close over the swing pivot. The next upside target is 104.03. The next area of resistance is around 103.84 and 104.03, while 1st support hits today at 103.22 and below there at 102.79.