A quasi double top in the Swiss suggests at least a temporary pause in the upward track. While the USeconomic report slate today hardly offers up a reading that is capable of boosting the Dollar sharply and in turnundermining the Swiss, we think that aggressive traders should consider getting short the Swiss if it approachesthe 1.15 level.
Technical Outlook: Studies are showing positive momentum but are now in overbought territory, so somecaution is warranted. The market’s close above the 9-day moving average suggests the short-term trend remainspositive. Market positioning is positive with the close over the 1st swing resistance. The next upside target is114.79. The next area of resistance is around 114.53 and 114.79, while 1st support hits today at 113.83 andbelow there at 113.38.