Like the Euro, the Swiss has reversed course since the high forged yesterday and that is probably theresult of slack Euro zone PPI results and that might also be the result of weaker than expected Swiss PMI resultsearlier this week. Near term downside targeting in the June Swiss is 1.1281 and then not until the 1.1269 level. Tosee the Swiss accelerate on the downside probably requires a positive private US jobs result and positive USmanufacturing shipments results.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory. A positivesignal for trend short-term was given on a close over the 9-bar moving average. The market has a slightly positivetilt with the close over the swing pivot. The next downside objective is 112.83. The next area of resistance isaround 113.48 and 113.72, while 1st support hits today at 113.04 and below there at 112.83.