We see an ongoing pattern of lower highs in the Swiss and we have to think that improved German GDP results, less geopolitical headwinds for the Euro zone and less anxiety globally will eventually lead to lower lows and the lowest Swiss pricing since the big volatility date of January 15th in the weeks ahead.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. A negative signal for trend short-term was given on a close under the 9-bar moving average. The market’s close below the pivot swing number is a mildly negative setup. The next downside objective is 106.70. The next area of resistance is around 108.07 and 108.59, while 1st support hits today at 107.13 and below there at 106.70.