A fresh upside breakout in the Swiss is at least partially the result of revived flight to quality fears flowingfrom the Ukraine. However, the Swiss is also seeing some lift from on going weakness in the Dollar and perhapsfrom traders looking for a currency that is not in the direct firing line of Russia in the event that sanctions areincreased in the days ahead. Near term support in the Swiss moves up to 1.1341 and there might be littleresistance seen until the 1.1397 level.
Technical Outlook: Stochastics trending lower at midrange will tend to reinforce a move lower especially ifsupport levels are taken out. A negative signal for trend short-term was given on a close under the 9-bar movingaverage. The upside daily closing price reversal gives the market a bullish tilt. It is a mildly bullish indicator thatthe market closed over the pivot swing number. The next downside objective is 112.77. The next area ofresistance is around 113.69 and 113.88, while 1st support hits today at 113.14 and below there at 112.77.