Like the Euro, the Swiss has managed to come back into favor even in the face of thin news flows. In thenear term we can’t rule out a temporary rise back above the April highs of 1.1443, especially with the Dollardrifting lower in the face of somewhat positive scheduled data flows. Near term support in the June Swiss movesup to 1.1362 and we would expect a rise above 1.14 in the wake of the 7:30 US numbers.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higher priceaction. The close below the 9-day moving average is a negative short-term indicator for trend. The outside daydown is somewhat negative. The market tilt is slightly negative with the close under the pivot. The near-termupside target is at 114.19. The next area of resistance is around 113.76 and 114.19, while 1st support hits todayat 113.08 and below there at 112.83.