A modest up tick in risk appetites this morning is making it difficult for the Swiss Franc to climb backabove the 112.00 level this morning, although prices have consolidated near the middle of this week’s tradingrange. As with the Euro, it may take weak US data later this morning for the Swiss Franc to go into the holidaybreak with upside momentum. The March Swiss may slide down towards the 111.62 level later today, and shouldavoid any sizable down move even with a positive reception for this morning’s US data.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a price break ifsupport levels are broken. The market now above the 18-day moving average suggests the intermediate-termtrend has turned up. With the close higher than the pivot swing number, the market is in a slightly bullish posture.The next downside objective is 111.36. The next area of resistance is around 112.21 and 112.45, while 1stsupport hits today at 111.67 and below there at 111.36.