USDCHF: With the pair extending its last week strength, the risk is for it to decisively break and hold above the 0.9424 level. It was testing that level at the time of this of this analysis. Above here will resume its short term uptrend towards its Sept 10’2012 high at 0.9482 followed by the 0.9606 level. Its weekly RSI is bullish and pointing higher supporting this view. Alternatively, as long as the pair remains below the 0.9424 level, there is risk of a return to the 0.9213 level. A decisive break of here will set the stage for a move lower towards the 0.9193 level, its May 07’2012 low where a breach will aim at the 0.9100 level and ultimately the 0.9000 level, its big psycho level. On the whole, the pair remains biased to the downside in the medium term despite its corrective attempts.
