After climbing above the 113.00 level again early this week, the Swiss Franc may be starting to showsigns of being top-heavy at these current prices levels. Rumors that the Swiss National Bank was buying Euros at the 1.22 Swiss Franc per Euro level took the market well below Monday’s highs, while this morning’s Euro zoneinflation data cast further light on the barely-positive Swiss CPI numbers. The March Swiss may slide backtowards the 112.72 level later today, and at this point it needs a fairly large dose of fresh safe-haven support inorder to break out into new high ground.
Technical Outlook: Momentum studies are trending lower from high levels which should accelerate amove lower on a break below the 1st swing support. The market’s close above the 9-day moving averagesuggests the short-term trend remains positive. With the close higher than the pivot swing number, the market isin a slightly bullish posture. The next downside objective is now at 112.11. The 9-day RSI over 70 indicates themarket is approaching overbought levels. The next area of resistance is around 113.04 and 113.32, while 1stsupport hits today at 112.44 and below there at 112.11.