Like the Euro, the Swiss feels technically overbought and perhaps even somewhat fundamentallyoverdone. With the June Swiss at times last week adding to a rather significant early March rally and the Junecontract unable to break above the 1.15 area for the second time on the charts, that might suggest a short termoverdone technical condition. Up trend channel support in the June Swiss is seen this morning at 1.1416.
Technical Outlook: Daily stochastics have risen into overbought territory which will tend to supportreversal action if it occurs. The close above the 9-day moving average is a positive short-term indicator for trend.It is a mildly bullish indicator that the market closed over the pivot swing number. The near-term upside target is at115.32. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area ofresistance is around 115.00 and 115.32, while 1st support hits today at 114.24 and below there at 113.81.