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Wednesday, January 9, 2013

$USDCHF

USDCHF closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. 

Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews last week's decline, December's low crossing at .10678 is the next downside target. Closes above the 20-day moving average crossing at .10895 would confirm that a short-term low has been posted. 

First resistance is the 20-day moving average crossing at .10895. 
Second resistance is December's high crossing at .11026.

First support is last Friday's low crossing at .10760. 
Second support is December's low crossing at .10678.