With a cap of its recovery off the 0.9327 level occurring at the 0.9776 level followed with a price collapse since on Monday, USDCHF remains vulnerable with its eyes on the 0.9327 level, its Feb 11'2011 low. This is consistent with its broader long-term bearishness suggesting an eventual break of the 0.9327/0.9297 levels will resume that trend and bring further losses towards the 0.9200 level. A violation of there will target the 0.9100 and then the 0.9000 level, all representing its psycho levels. Conversely, for the pair to reverse its current downside vulnerability, a climb back above the 0.9772/83 levels must occur. This will set the pair up for further strength towards the 0.9913 level, its Dec 08'2011 high and then the 1.0066 level, its Dec 01'2010 high where a cap is likely to occur and turn it back down.

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