The bulls in the Swiss will suggest that the June contract has built a fairly significant consolidationsupport zone around the 1.1133 level and it is possible the Swiss could see some short covering after the ECBdecision is floated. Our pick for a bounce target in the June Swiss is 1.1210 but down trend channel resistance isseen right on the market at 1.1165 this morning.
Technical Outlook: Rising from oversold levels, daily momentum studies would support higher prices,especially on a close above resistance. A negative signal for trend short-term was given on a close under the 9-bar moving average. The downside closing price reversal on the daily chart is somewhat negative. The market tiltis slightly negative with the close under the pivot. The near-term upside target is at 111.91. The next area ofresistance is around 111.66 and 111.91, while 1st support hits today at 111.26 and below there at 111.10.