With another lower low on the Swiss charts, news of renewed Russian troop movements into Ukraine and fresh Greek debt fears, the Swiss looks to remain under pressure. An added measure of pressure on the Swiss is expected from renewed bullish traction in the Dollar, which has largely been absent from the Dollar for a couple weeks.
Technical Outlook: The close below the 40-day moving average is an indication the longer-term trend has turned down. Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. The close below the 9-day moving average is a negative short-term indicator for trend. The market’s close below the pivot swing number is a mildly negative setup. The next downside target is 104.38. The next area of resistance is around 106.05 and 107.01, while 1st support hits today at 104.73 and below there at
104.38.