The March Swiss temporarily fell back below the 1.10 level overnight but seemed to find some freshbuying interest. Residual support from positive Swiss retail sales figures and perhaps a measure of classictechnical support around the 1.10 consolidation zone could mean that the Swiss has found fairly solid support andit could take significant strength in the Dollar or definitively negative spillover from the Euro zone, to result in adownside breakout in the March Swiss.
Technical Outlook: Rising from oversold levels, daily momentum studies would support higher prices,especially on a close above resistance. The market’s close below the 9-day moving average is an indication theshort-term trend remains negative. There could be some early pressure today given the market’s negative setupwith the close below the 2nd swing support. The next upside target is 111.21. The next area of resistance isaround 110.62 and 111.21, while 1st support hits today at 109.64 and below there at 109.25.