A definitive range up breakout in the Swiss puts the Swiss up to the highest level since October of 2011.Fear of slowing in China, economic strife between Russia and western economic powers and ideas that the USrecovery has stalled has seemingly given the Swiss a near term perfect storm. At least into the weekendreferendum, the bull camp looks to remain in control ahead.
Technical Outlook: The market rallied to a new contract high. Momentum studies are trending higher buthave entered overbought levels. The close above the 9-day moving average is a positive short-term indicator fortrend. The market’s close above the 2nd swing resistance number is a bullish indication. The near-term upsideobjective is at 114.99. The next area of resistance is around 114.80 and 114.99, while 1st support hits today at114.11 and below there at 113.60.