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Tuesday, August 21, 2012

$USDCHF

$USDCHF  closed higher on Monday as it extends this month's trading range. The high-range close sets the stage for a steady to higher opening when Tuesday'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 this month'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.