The June Swiss has held its ground after the recent recovery rally even without the benefit of fresh safehavensupport, as this week’s Swiss economic data has generally come in mildly better than forecasts. A retest ofthe monthly high at 113.51 may be on the near-term cards, but it may take more of a risk-aversion tone fromglobal markets in order for the June Swiss to make any large-scale upside extension from these current pricelevels.
Technical Outlook: The major trend could be turning up with the close back above the 40-day movingaverage. The stochastics indicators are rising from oversold levels, which is bullish and should support higherprices. The market’s close above the 9-day moving average suggests the short-term trend remains positive. Sincethe close was above the 2nd swing resistance number, the market’s posture is bullish and could see more upsidefollow-through early in the session. The near-term upside objective is at 113.83. The next area of resistance isaround 113.60 and 113.83, while 1st support hits today at 112.90 and below there at 112.44.