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Saturday, February 2, 2013

$USDCHF

USDCHF closed higher on Friday renewing the rally off last July's low. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. 

Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally, weekly resistance crossing at .11119 is the next upside target. Closes below the 20-day moving average crossing at .10837 would confirm that a short-term top has been posted.

First resistance is today's high crossing at .11090. 
Second resistance is weekly resistance crossing at .11119.

First support is the 20-day moving average crossing at .10837. 
Second support is January's low crossing at .10657.