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Monday, October 15, 2012

$USDCHF

$USDCHF closed lower on Monday. 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 turning bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at .10793 would confirm that a short-term low has been posted. If December renews the decline off September's high, the 38% retracement level of the July-September rally crossing at .10550 is the next downside target. 

First resistance is the reaction high crossing at .10793. 
Second resistance is September's high crossing at .10838. 

First support is the reaction low crossing at .10609. 
Second support is the 38% retracement level of the July-September rally crossing at .10550.