The Swiss sits near an upside breakout point on its charts this morning in a move that suggests anattempt to reverse the down trend that has been in place since the mid March highs. Up trend channel supportfrom the January low and the late March low is seen down at 1.1259 today and that support line rises to 1.1278by this Friday. Close in support is seen at 1.1306 and a reversal of the March downtrend might be seen in theevent that the June Swiss manages a rise back above 1.1369.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may be drying upsoon. The market’s close below the 9-day moving average is an indication the short-term trend remains negative.Market positioning is positive with the close over the 1st swing resistance. The next downside target is 112.21.The next area of resistance is around 113.60 and 113.92, while 1st support hits today at 112.74 and below thereat 112.21.