The short covering bounce in the Swiss appears to have run its course and the stark reality of slow growth and negative headwinds from Russian sanctions should leave the 1.04 level as significant overhead resistance. In order for the Swiss to manage a rise above its 50 day moving average up at 1.0423, the Swiss will need definitively positive leadership from the Euro and probably noted fresh weakness in the US Dollar.
Technical Outlook: Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The market now above the 18-day moving average suggests the intermediate-term trend has turned up. Market positioning is positive with the close over the 1st swing resistance. The near-term upside target is at 104.59. The next area of resistance is around 104.25 and 104.59, while 1st support hits today at 103.39 and below there at 102.86.