The Swiss looks to start the new trading week out on a soft track and it might be poised to slide backtoward last week’s initial lows down around the 1.1116 level. To shut off the downward bias in the June Swisstoday probably requires a rally back above 1.1224.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higher priceaction. A positive signal for trend short-term was given on a close over the 9-bar moving average. It is a mildlybullish indicator that the market closed over the pivot swing number. The near-term upside objective is at 112.48.The next area of resistance is around 112.21 and 112.48, while 1st support hits today at 111.69 and below thereat 111.45.