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Tuesday, January 15, 2013

$USDCHF

USDCHF  was lower overnight signaling that the corrective rally off this month's low appears to have come to an end. 

Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at .10760 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews last week's rally, December's high crossing at .11026 is the next upside target. 

First resistance is the reaction high crossing at .10998. 
Second is December's high crossing at .11026. 

First support is the 38% retracement level of the July-December rally crossing at .10679. 
Second support is the 50% retracement level of the July-December rally crossing at .10571.