USDCHF: The pair held off lower prices and turned higher on correction the past week suggesting further upside. However, the barrier is its declining trendline (red) which must be broken to extend the mentioned correction. As long as the trendline remains there as resistance, there is risk of USDCHF returning to the 0.9082 level. If this is broken further weakness will aim at the 0.9041 level where a breach will turn attention to the 0.9000 level. Price hesitation may occur here due to its psychological importance. On the other hand, if taken out, the pair will target the 0.8929 level. On the upside, the pair will have to return above its trendline resistance to build on its recovery towards the 0.9382 level. This if seen will bring further upside offensive towards the 0.9456 level followed by the 0.9511 level. On the whole, the pair remains biased to the downside in the short term below its trendline resistance despite recovery attempts.
