The February run in the Swiss has been reversed off a noted downshift in global economic views, but themain catalyst behind the reversal might have been surprisingly hawkish dialogue from the US Fed meetingminutes. With the Swiss technically overdone on the charts and the fundamental headline flow reversed, a logicalcorrective targeting in the March Swiss is seen down at 1.1201 and perhaps even 1.1187.
Technical Outlook: Momentum studies are trending higher but have entered overbought levels. Themarket’s close above the 9-day moving average suggests the short-term trend remains positive. The daily closingprice reversal down puts the market on the defensive. The close over the pivot swing is a somewhat positivesetup. The near-term upside target is at 113.11. The next area of resistance is around 112.79 and 113.11, while1st support hits today at 112.29 and below there at 112.12.