USDCHF: While outlook for USDCHF may be pointing higher on correction, price hesitation has set in turning the pair lower the past week. However, as long as it trades and holds above the 0.9497 and the 0.9275 levels, its corrective bias remains higher with eyes on the 0.9550 level. A breach of here will open the door for more upside offensive towards the 0.9606 level. Its weekly RSI is bullish and pointing higher supporting this view. Alternatively, support comes in at the 0.9497 level where a halt is likely to occur and turn USDCHF higher. However, if this fails to occur, a run at the 0.9275 level will follow where a decisive break will set the stage for a move lower towards the 0.9193 level, its May 07’2012 low. On the whole, the pair remains biased to the upside on correction though hesitating.
