Like the Euro, the Swiss is suffering from the residual strength in the Dollar and that action is likely tocontinue through the US data window this morning. Adding into the downward pressure in the Swiss is slightlyweaker Swiss economic readings for January. Initial support is seen at a quasi double bottom low of 1.1103 and adecline below that level might be seen if the March Dollar manages to rise above 81.03.
Technical Outlook: Momentum studies are trending higher but have entered overbought levels. The closeabove the 9-day moving average is a positive short-term indicator for trend. The market setup is supportive forearly gains with the close over the 1st swing resistance. The near-term upside target is at 112.59. The next areaof resistance is around 112.30 and 112.59, while 1st support hits today at 111.38 and below there at 110.74.