USDCHF- Vulnerable, Bears Continue To Dominate

USDCHF: Although USDCHF closed flat the past week, bear threats are yet to be over. However, the pair will have to break and hold below the 0.9213 level to trigger further declines. This if seen will call for a run at the 0.9150 level followed by the 0.9041 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to break and hold above the 0.9511 level, its Nov 2012 high to annul its present bear threats. This if it occurs will create scope for more strength towards the 0.9550 level. A breach of here will open the door for more upside offensive towards the 0.9606 level. On the whole, the pair remains biased to the downside.