Like the Euro, the Swiss remains pegged to its recent highs in the early Tuesday action. It might take aclean sweep of US data to sustain the positive track in the Swiss, especially when one considers the magnitude ofthe June run up in the Swiss (+184 points). Critical pivot point support in the September Swiss is seen at 1.1270early this morning.
Technical Outlook: The cross over and close above the 60-day moving average is an indication thelonger-term trend has turned positive. Daily stochastics have risen into overbought territory which will tend tosupport reversal action if it occurs. The market’s close above the 9-day moving average suggests the short-termtrend remains positive. There could be more upside follow through since the market closed above the 2nd swingresistance. The near-term upside objective is at 113.39. The market is becoming somewhat overbought now thatthe RSI is over 70. The next area of resistance is around 113.18 and 113.39, while 1st support hits today at112.51 and below there at 112.04.