The Swiss has crept back toward its recent highs in the wake of fresh concerns toward Greece, renewed angst in the Ukraine and talk of an ongoing currency war. Apparently a lack of bullish fundamentals in the Swiss is not limiting the currency from regaining some ground. It is also possible that the markets want to attempt to retest the post SNB surprise levels in the wake of the ECB announcement, but we just can’t get on board with a noted and ongoing rise in the Swiss unless the overall global macro-economic outlook settles into a positive track.
Technical Outlook: Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The market’s close above the 9-day moving average suggests the short-term trend remains positive. The market setup is supportive for early gains with the close over the 1st swing resistance. The next upside objective is 120.33. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 118.70 and 120.33, while 1st support hits today at 114.92 and below
there at 112.76.