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Tuesday, October 9, 2012

$USDCHF

$USDCHF was lower overnight as it consolidated some of last week's rally.

Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off July's low, the 75% retracement level of this year's decline crossing at .10962 is the next upside target. Closes below last Monday's low crossing at .10609 would confirm that a short-term top has been posted.

First resistance is the 62% retracement level of this year's decline crossing at .10816.
Second resistance is the 75% retracement level of this year's decline crossing at .10962

First support is last Monday's low crossing at .10609.
Second support is the reaction low crossing at .10430.