The Swiss has started the Wednesday trade in the lower half of the prior session’s range up in amodestly positive track. For the time being, the Swiss might have difficulty edging out the Pound as the leadershipcurrency. In fact, the Swiss is also somewhat overbought after the gains of the last week and it wouldn’t takemuch selling pressure to temporarily put the Swiss back down to the 1.1100 level.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higher priceaction. The market’s short-term trend is positive on the close above the 9-day moving average. The downsideclosing price reversal on the daily chart is somewhat negative. It is a slightly negative indicator that the close wasunder the swing pivot. The near-term upside objective is at 112.08. The next area of resistance is around 111.66and 112.08, while 1st support hits today at 111.06 and below there at 110.87.