While the June Swiss is showing signs of respecting recent consolidation low support, slack Euro zonedata and anticipation of ECB easing this Thursday looks to keep some pressure on the Swiss in the comingtrading sessions. In order to throw off the downward tilt in the June Swiss probably requires respect of the 1.1183level on a close basis. We would remain bearish toward the June Swiss until it manages to regain the 1.12 levelon a close basis.
Technical Outlook: A bullish signal was given with an upside crossover of the daily stochastics. Risingfrom oversold levels, daily momentum studies would support higher prices, especially on a close aboveresistance. The market’s short-term trend is negative as the close remains below the 9-day moving average. Themarket setup is supportive for early gains with the close over the 1st swing resistance. The next upside objectiveis 112.29. The next area of resistance is around 112.00 and 112.29, while 1st support hits today at 111.38 andbelow there at 111.04.