Like many other non-dollar currencies the Swiss is temporarily benefiting from concerns that the US Fedhawkish stance is overstated. However, we doubt the Downtrend in the Swiss is complete and a major bottominghas been accomplished. It is possible to see a near term but temporary rise back above 1.05 but that type ofmove should be seen as an opportunity to get short the Swiss for an ultimate return to down trend status.
Technical Outlook: Rising from oversold levels, daily momentum studies would support higher prices,especially on a close above resistance. A negative signal for trend short-term was given on a close under the 9-bar moving average. The close over the pivot swing is a somewhat positive setup. The near-term upside target isat 105.16. The next area of resistance is around 104.88 and 105.16, while 1st support hits today at 104.14 andbelow there at 103.68.