A distinct range up extension in the Swiss isn’t surprising as it continues to draft off the positive traction inthe Euro and the Pound. While there continues to be a threat of halted natural gas flows from the Ukraine byRussia and other economic pitfalls facing Eastern Europe, the Swiss and the rest of continental Europe isemboldened by a series of positive 2nd and 3rd tier economic results. Like the Euro, there is little resistanceahead, until the Swiss returns to the March highs around 1.15.
Technical Outlook: Daily stochastics have risen into overbought territory which will tend to supportreversal action if it occurs. The market’s short-term trend is positive on the close above the 9-day movingaverage. The market has a slightly positive tilt with the close over the swing pivot. The next upside objective is114.19. The next area of resistance is around 114.07 and 114.19, while 1st support hits today at 113.87 andbelow there at 113.80.