The pair continues to face bear pressure breaking below the 0.9521 level, its Jan 19'10 low and clearing the way for additional weakness in the days ahead. Its present weakness is coming on the back of an end to its corrective recovery started from the 0.9297 level. The current price development now leaves the risk of a return to the 0.9297 level, a level it traded in late Dec'2010. A loss of that level will resume its broader bearishness towards the 0.9200 level and then the 0.9100 level. Its daily and weekly RSI are bearish and pointing lower suggesting further weakness. On the other hand, to prevent this bearish view, the pair will have to break and hold above the 0.9783 level. This will create scope for further strength toward 0.9913, the pair's Dec 08'2010 high, and then the 1.0066 level, its Dec 01'2010 high, where a cap is likely to occur. All in all, USDCHF remains broadly biased to the downside in the long term, which is supportive of its present weakness.

USDCHF