A downside tilt remains in place with the March Swiss early this morning sitting right on the priorsession’s low and also sitting at some of the lowest levels on the charts since January 23rd. Apparently the Swisswas partially undermined by residual emerging market concerns overnight and it might also have been put offbalance by slack Euro zone data, but with the dominance of the US Dollar reversed, that might give the recentquasi double bottom of 1.1058 more significance for the bull camp.
Technical Outlook: The major trend has turned down with the cross over back below the 60-day movingaverage. Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levelsare penetrated. A negative signal for trend short-term was given on a close under the 9-bar moving average. Theclose below the 1st swing support could weigh on the market. The near-term upside target is at 112.29. The nextarea of resistance is around 111.42 and 112.29, while 1st support hits today at 110.12 and below there at 109.69.