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Friday, March 22, 2013

$USDCHF

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

Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above last Friday's high crossing at .10673 are needed to confirm that a short-term low has been posted. If June renews the decline off February's high, the 75% retracement level of the July-February rally crossing at .10378 is the next downside target. 

First resistance is the 20-day moving average crossing at .10623. 
Second resistance is the reaction high crossing at .10673. 

First support is last Thursday's low crossing at .10463. 
Second support is the 75% retracement level of the July-February rally crossing at .10378.