The Swiss has already returned to downtrend status on its charts with a fresh downside breakout off news that the SNB was turning to negative bank rates as a way to stimulate its economy. In retrospect, the Swiss trade clearly understood the futility of the Putin speech and that the Russian leader offered no solutions or showed any sign of altering unfavorable policy in the Ukraine. Therefore sell rallies in the Swiss looking for a trade that settles in below the 1.02 level.
Technical Outlook: The major trend has turned down with the cross over back below the 40-day moving average. Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The market back below the 18-day moving average suggests the intermediate-term trend could be turning down. The market is in a bearish position with the close below the 2nd swing support number. The next upside objective is 104.80. The next area of resistance is around 103.66 and 104.80, while 1st support hits today at 102.07 and below there at 101.61.