Like the Euro, the Swiss became short term overbought from a technical and fundamental perspective. Infact, slack German data overnight, fresh eastern Ukraine referendum talk and short term technical readings hint ata slight retrenchment on the charts this morning. However, given the ultra-weak situation in the Dollar, the Swissmight continue to win by default. Initial support might hold down at 1.1427.
Technical Outlook: A positive indicator was given with the upside crossover of the 9 and 18 bar movingaverage. Momentum studies are trending higher but have entered overbought levels. A positive signal for trendshort-term was given on a close over the 9-bar moving average. The market has a bullish tilt coming into today’strade with the close above the 2nd swing resistance. The next upside objective is 115.15. The next area ofresistance is around 114.82 and 115.15, while 1st support hits today at 114.04 and below there at 113.60.