Like the Euro, the Swiss looks a little expensive on the charts. In our opinion, the Swiss has seen aconsistent pattern of favorable news events. In addition to buying off the Crimean situation over the last twoweeks, the Swiss has also benefited consistently from the sharp slide in the Dollar. Some might maintain thetrend is up in the Swiss, but with the Swiss on the weekly charts sitting at the highest levels since October of2011, the currency is expensive, especially if the US economy shows signs of recovering ahead and the Fedallows for another tapering move this afternoon.
Technical Outlook: Daily stochastics have risen into overbought territory which will tend to supportreversal action if it occurs. The market’s short-term trend is positive on the close above the 9-day movingaverage. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The neartermupside objective is at 115.10. The next area of resistance is around 114.89 and 115.10, while 1st supporthits today at 114.30 and below there at 113.91.