Like the Euro, the Swiss is poised to rally as expectations toward US data remain very negative. In fact,seeing the Swiss rise to and above the 1.14 level might leave the Swiss very vulnerable to a slightly positive USnon-farm payroll result on Friday morning. Pushed into the Swiss we would be a seller into this morning’s USeconomic data flows.
Technical Outlook: The major trend could be turning up with the close back above the 40-day movingaverage. The downside crossover (9 below 18) of the moving averages suggests a developing short-termdowntrend. Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levelsare taken out. The intermediate trend could be turning up with the close back above the 18-day moving average.The daily closing price reversal up is a positive indicator that could support higher prices. Market positioning ispositive with the close over the 1st swing resistance. The next downside objective is 112.69. The next area ofresistance is around 114.07 and 114.38, while 1st support hits today at 113.23 and below there at 112.69.