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Saturday, February 9, 2013

$USDCHF

USDCHF closed higher on Friday as it consolidated some of Thursday's decline. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. 

Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at .10866 would confirm that a
short-term top has been posted. If March renews this winter's rally, weekly resistance crossing at .11119 is the next upside target. 

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

First support is the 20-day moving average crossing at .10866. 
Second support is January's low crossing at .10657.