Like the Yen, the Swiss has won by default and because of renewed emerging market concerns.Surprisingly the Swiss and Yen have received safe haven windfalls over the Dollar, but apparently the USeconomic report flow since the last US Non Farm payroll release, has severely reduced the anticipation of actualtapering in next week’s FOMC meeting. Near term upside targeting is seen up at 1.1285, with the top of theDecember and January consolidation zone not seen until the 1.1331 level.
Technical Outlook: The market now above the 60-day moving average suggests the longer-term trendhas turned up. A bullish signal was given with an upside crossover of the daily stochastics. Positive momentumstudies in the neutral zone will tend to reinforce higher price action. The market now above the 18-day movingaverage suggests the intermediate-term trend has turned up. The outside day up is a positive signal. There couldbe more upside follow through since the market closed above the 2nd swing resistance. The near-term upsideobjective is at 113.11. The next area of resistance is around 112.52 and 113.11, while 1st support hits today at110.44 and below there at 108.94.