The March Swiss has spent the early Friday trade in the lower half of the prior session’s range and thefailure to hold above 1.1219 might signal a technical failure on the charts. If the March Swiss can’t regain the1.1247 level in the wake of the US data window that could set up a weak afternoon trade and a poor finish to theweek.
Technical Outlook: Momentum studies are trending higher but have entered overbought levels. Themarket’s short-term trend is positive on the close above the 9-day moving average. It is a slightly negativeindicator that the close was under the swing pivot. The next upside objective is 113.21. The next area ofresistance is around 112.82 and 113.21, while 1st support hits today at 112.12 and below there at 111.80.