With positive leadership provided by the Euro to start the new week and an oversold technical setup, thebull camp looks to have control directly ahead. However, a Swiss Leading Indicator result overnight might havetempered the fundamental outlook for the Swiss currency. Initial support is seen at 1.1281 and there might be littlein the way of resistance seen until the 1.1337 level.
Technical Outlook: Momentum studies are still bearish but are now at oversold levels and will tend tosupport reversal action if it occurs. The close below the 9-day moving average is a negative short-term indicatorfor trend. The market’s close below the pivot swing number is a mildly negative setup. The next downsideobjective is 112.16. The next area of resistance is around 113.16 and 113.44, while 1st support hits today at112.52 and below there at 112.16.