With the Dollar under pressure, positive UK data and favorable European auto sales talk countervailingthe Putin threat, the bull camp in the Swiss has maintained an edge into the early Tuesday US trade action. News that February Swiss retail sales gained by 1% really sets the Swiss economy apart from other data of late, andthat could leave little in the way of resistance until the 1.1345 level.
Technical Outlook: The cross over and close above the 60-day moving average is an indication thelonger-term trend has turned positive. The daily stochastics gave a bullish indicator with a crossover up. Risingfrom oversold levels, daily momentum studies would support higher prices, especially on a close aboveresistance. The market’s short-term trend is negative as the close remains below the 9-day moving average. Apositive setup occurred with the close over the 1st swing resistance. The next upside objective is 113.20. Thenext area of resistance is around 113.01 and 113.20, while 1st support hits today at 112.37 and below there at111.93.