Not surprisingly the Swiss is also benefiting significantly from the noted weakness in the Dollar and theYuan. Some might suggest that hints of a pause in US tapering in the wake of slack US data and Fedcommentary is providing the brunt of the buying interest in the Swiss. With little change in the flow of weak data inthe US until after next Friday’s monthly payroll report, the bull camp in the Swiss might expect to maintain controlfor the better part of the next 6 trading sessions. Near term support rises to 1.1301 and the next resistance levelisn’t seen until the 1.1373 level.
Technical Outlook: Stochastics turning bearish at overbought levels will tend to support lower prices ifsupport levels are broken. The market’s close above the 9-day moving average suggests the short-term trendremains positive. With the close higher than the pivot swing number, the market is in a slightly bullish posture.The next downside target is 111.92. The next area of resistance is around 112.91 and 113.13, while 1st supporthits today at 112.31 and below there at 111.92.