Short-covering versus the Euro has accelerated the Swiss Franc’s rally this morning as prices haverecovered most of their post-Fed tapering losses in a matter of hours. It may be difficult for the Swiss Franc to make a strong move into new high ground with very low Swiss inflation still a front-and-center issue with themarket, but its clear out performance versus the Yen and Dollar will make it the safe-haven destination of choicethrough the end of this year. The March Swiss may rise up towards the 113.86 resistance level this morning, andlooks to finish out this week extremely well supported.
Technical Outlook: Stochastics trending lower at midrange will tend to reinforce a move lower especially ifsupport levels are taken out. The market’s close below the 9-day moving average is an indication the short-termtrend remains negative. The market tilt is slightly negative with the close under the pivot. The next downsideobjective is 111.43. The next area of resistance is around 111.72 and 111.88, while 1st support hits today at111.50 and below there at 111.43.