A quasi double top in the March Swiss up at 1.1278 might be strong resistance today, unless the earlyUS scheduled data provides a push up above that level. While we can’t rule out a return to the 1.13 level thisweek, a rally to that level might be considered a place to consider implementing fresh short plays. As in manyother non dollar currencies, this morning’s US data should provide an upside extension, but we see long termthick resistance up at 1.1324.
Technical Outlook: Momentum studies are trending higher but have entered overbought levels. A positivesignal for trend short-term was given on a close over the 9-bar moving average. A positive setup occurred withthe close over the 1st swing resistance. The near-term upside target is at 113.27. The next area of resistance isaround 113.00 and 113.27, while 1st support hits today at 112.24 and below there at 111.74.