The Swiss has been unable to capitalize on safe-haven flows from events in the Ukraine, as well as adecent reading from today’s Swiss PMI number, and is holding its ground near unchanged levels this morning. Aninability to climb above and beyond the 1.1400 level after Wednesday’s reversal has left the Swiss particularlyvulnerable to positive US jobs data, and a return to the late April lows may be on the near-term horizon.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a price break ifsupport levels are broken. A positive signal for trend short-term was given on a close over the 9-bar movingaverage. The close over the pivot swing is a somewhat positive setup. The next downside target is 113.48. Thenext area of resistance is around 113.89 and 114.04, while 1st support hits today at 113.62 and below there at113.48.