With a minor upside breakout on the charts and the highest price since April 14th, the Swiss hasn’t beenheld back by slack Euro zone inflation readings or by weakness in Credit Suisse off ongoing US tax probes. Thepath of least resistance is up but gains should be measured and hard to sustain. Support rises to 1.1308 andresistance is seen up at 1.1419.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higher priceaction. The market’s short-term trend is positive on the close above the 9-day moving average. The outside dayup is a positive signal. The market setup is supportive for early gains with the close over the 1st swing resistance.The near-term upside target is at 114.63. The next area of resistance is around 114.37 and 114.63, while 1stsupport hits today at 113.49 and below there at 112.88.