In the news: U.S. stock markets gained for the second straight day led by technology shares and better-than-expected earnings report from JPMorgan Chase & Company. JPMorgan's shares climbed 2.1% after posting record earnings in fixed-income trading and also announcing it was ready to repay government bailout money. The Dow Jones gained 95.81 points to end the day at 8,4125 above February 9th highs.
Chart of the day - USD/CHF
The Dollar/Swiss moved higher after yesterday's comments by the Fed, signaling the U.S. economic slump may be easing, sending equity markets higher and lowering the demand for the safe-haven currency. In addition the SNB said on March 12 it began buying foreign currencies to battle the recession and also cut the benchmark interest rate to near zero. This chart shows a channel on the 1h time plot, and a clear up trend. Currently 1.1430/40 is the next immediate support and 1.1530/40 resistance, but we may continue higher to last week's highs.