The Swiss appears to be in a vulnerable position this morning as safe haven issues have moderated andUS equities are showing some positive action. Therefore a return to the recent consolidation lows might beexpected down at 1.1282, especially if the trade comes away from the US scheduled data with any upbeateconomic news.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a price break ifsupport levels are broken. The market’s short-term trend is negative as the close remains below the 9-day movingaverage. The outside day up and close above the previous day’s high is a positive signal. A positive setupoccurred with the close over the 1st swing resistance. The next downside objective is 112.48. The next area ofresistance is around 114.13 and 114.51, while 1st support hits today at 113.11 and below there at 112.48.