The Swiss might be the primary benefactor of a pause in US tapering, as the Swiss saw very positivelonger term economic projections from Swiss officials overnight. Some might suggest the fear of intervention fromthe ECB against the Euro, leaves the Swiss as the favorite to benefit off ongoing weakness in the US Dollar.
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. It is a slightly negative indicator that the close was lower than the pivot swing number. The nextupside objective is 115.13. The next area of resistance is around 114.89 and 115.13, while 1st support hits todayat 114.35 and below there at 114.05.