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Thursday, August 16, 2012

$USDCHF

$USDCHF closed lower on Wednesday and the low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. 

Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at .10112 would confirm that a short-term top has been posted. 

If September renews the rally off July's low, the reaction high crossing at .10588 is the next upside target. 

  • First resistance is last Monday's high crossing at .10366. 
  • Second resistance is the reaction high crossing at crossing at .10588. 
  • First support is the reaction low crossing at .10366. 
  • Second support is July's low crossing at .10040.