While the Swiss remains in a positive track on the charts, and a loss of momentum over the prior 5trading sessions hints at the prospect of a near term topping action ahead. However, we can’t rule out atemporary upside extension attempt before the buyers run out of fuel. Our pick for a near term top is 1.1310.
Technical Outlook: Daily stochastics have risen into overbought territory which will tend to supportreversal action if it occurs. The market’s close above the 9-day moving average suggests the short-term trendremains positive. The daily closing price reversal down is a negative indicator for prices. The market’s close belowthe pivot swing number is a mildly negative setup. The near-term upside target is at 113.35. The next area ofresistance is around 112.91 and 113.35, while 1st support hits today at 112.13 and below there at 111.79.