USDCHF: With its one-week recovery reversed the past week to close lower, further price extension is likely to occur in the new week. This development leaves the pair targeting the 0.9041 level where a breach will turn attention to the 0.9000 level. Price hesitation may occur here and turn the pair back up but if taken out, it will aim at the 0.8929 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, it will have to return above the 0.9382 level to annul its present downside pressure. This if seen will bring further upside offensive towards the 0.9456 level followed by the 0.9511 level and then the 0.9606 level. On the whole, the pair remains biased to the downside short term.
