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Friday, August 24, 2012

$USDCHF

$USDCHF  closed higher on Thursday and tested the 38% retracement level of this year's decline crossing at .10488. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. 

Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the 50% retracement level of this year's decline crossing at .10627 is the next upside target. Closes below the 20-day moving average crossing at .10287 would confirm that a short-term top has been posted. 

First resistance is today's high crossing at .10488. 
Second resistance is the 50% retracement level of this year's decline crossing at .10627. 

First support is the 20-day moving average crossing at .10287. 
Second support is the reaction low crossing at .10201.