A slight decline in safe haven interest from the emerging markets situation might temporarily return in theaftermath of a US Fed tapering move, but that support for the Swiss might be fleeting. It is also possible that theSwiss is set to lose ground relative to the Euro in the wake of the strong German Consumer sentiment readingsovernight. While the March Swiss has a quasi double low around 1.1103 we can’t rule out a return to 1.10.
Technical Outlook: The moving average crossover up (9 above 18) indicates a possible developing shorttermuptrend. Studies are showing positive momentum but are now in overbought territory, so some caution iswarranted. The market’s short-term trend is positive on the close above the 9-day moving average. The market tiltis slightly negative with the close under the pivot. The next upside objective is 112.11. The next area of resistanceis around 111.80 and 112.11, while 1st support hits today at 111.11 and below there at 110.72.