While the Swiss has recently won by default, the market might have become short term overbought withthe recent 4 day bounce. With a slightly stronger Dollar and positive Euro zone data flows overnight, the Swiss ispresented with a slightly more bearish fundamental picture and the failure to hold above the 50 day movingaverage down at 1.1080 could accentuate the downward motion in the Swiss in the coming trading sessions.Limiting the downside in the Swiss is a lack of definitively positive economic vibes throughout the world economy.
Technical Outlook: The market now above the 60-day moving average suggests the longer-term trendhas turned up. Rising from oversold levels, daily momentum studies would support higher prices, especially on aclose above resistance. A positive signal for trend short-term was given on a close over the 9-bar movingaverage. The market has a slightly positive tilt with the close over the swing pivot. The next upside target is111.86. The next area of resistance is around 111.63 and 111.86, while 1st support hits today at 110.87 andbelow there at 110.34.