At times this week the Swiss has seen almost a perfect storm. News that the ECB is poised to actagainst the rising Euro has temporarily undermined the Swiss, it could be difficult to knock the March Swiss backbelow the 1.114 level with the list of threats facing the global economy. Initial support in the March Swiss is seenat 1.1413.
Technical Outlook: The market made a new contract high on the rally. Studies are showing positivemomentum but are now in overbought territory, so some caution is warranted. A positive signal for trend shorttermwas given on a close over the 9-bar moving average. The downside closing price reversal on the daily chartis somewhat negative. The close over the pivot swing is a somewhat positive setup. The near-term upside targetis at 115.30. The next area of resistance is around 114.80 and 115.30, while 1st support hits today at 113.94 andbelow there at 113.59.