The Swiss spiked up overnight and returned to the vicinity of the 1.12 level and the Swiss also seems asif it has caught a consistent bid off slack US data, talk of a pause in tapering and also because of a recovery inglobal equities. While the Fed is expected to stay the course on tapering, the bull camp in the Swiss might be ableto find enough promise of tapering to leave the Swiss rally intact.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higher priceaction. The market’s short-term trend is positive on the close above the 9-day moving average. The close over thepivot swing is a somewhat positive setup. The next upside objective is 111.89. The next area of resistance isaround 111.72 and 111.89, while 1st support hits today at 111.31 and below there at 111.06.