The Swiss has forged a solid upside extension and in the process the March contract has reached thehighest level since January 24th. The Swiss is managing the gains in the face of rising uncertainty off the push forimmigration reform, perhaps because over the overt weakness in the Dollar. Next resistance zone in the MarchSwiss is seen up at 1.1237, but a return to that level, might prompt dialogue or a reaction from the SNB.
Technical Outlook: The close below the 40-day moving average is an indication the longer-term trend hasturned down. Positive momentum studies in the neutral zone will tend to reinforce higher price action. The closeabove the 9-day moving average is a positive short-term indicator for trend. The market’s close below the pivotswing number is a mildly negative setup. The next upside objective is 111.96. The next area of resistance isaround 111.51 and 111.96, while 1st support hits today at 110.65 and below there at 110.23.