Now that the Swiss has survived the ECB easing move it is possible that the June Swiss will manage torespect consolidation support of 1.1147. We suspect that the spike low yesterday effectively signals the end of thedownward bias in the Swiss and that argument could be given added credence today if the US data paints a slackpicture of the US economy.
Technical Outlook: Momentum studies are trending higher from mid-range, which should support a movehigher if resistance levels are penetrated. The cross over and close above the 18-day moving average indicatesthe intermediate-term trend has turned up. The outside day up and close above the previous day’s high is apositive signal. The market’s close above the 2nd swing resistance number is a bullish indication. The next upsidetarget is 113.44. The next area of resistance is around 113.02 and 113.44, while 1st support hits today at 111.42and below there at 110.23.