Like the Euro, the Swiss is vulnerable to easing from the ECB on Thursday. However, it is also possiblethat the Swiss will be vulnerable to pressure in the event that the ECB doesn’t ease. In short, seeing the ECB donothing, could increase the prospects that the Euro and the Swiss will lose off a macro-economic differentialperspective. Initial support in the June Swiss is seen at 1.1134 and then again down at 1.1116.
Technical Outlook: Daily momentum studies are on the rise from low levels and should accelerate a movehigher on a push through the 1st swing resistance. The market’s close below the 9-day moving average is anindication the short-term trend remains negative. The daily closing price reversal up on the daily chart issomewhat positive. Market positioning is positive with the close over the 1st swing resistance. The next upsidetarget is 112.08. The next area of resistance is around 111.85 and 112.08, while 1st support hits today at 111.27and below there at 110.93.