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Tuesday, December 18, 2012

$USDCHF Evening Commentary

USDCHF closed higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. 

Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the reaction high crossing at .11101 is the next upside target. Closes below the reaction low crossing at .10678 would confirm that a short-term low has been posted. 

First resistance is today's high crossing at .10979. 
Second resistance is the reaction high crossing at .11101. 

First support is the reaction low crossing at .10678. 
Second support is November's low crossing at .10555.