Despite USDCHF's price hesitation, its broader medium term bias continues to point higher. While holding above the 0.9421 level, the bias remains higher for a return above the 0.9671 level. This will turn risk to its May 2012 high at 0.9768 level. A decisive break and hold above here will resume its medium term uptrend initiated from the 0.7068 level. Further out, on continued strength USDCHF will aim at the 0.9850 level and possibly extending towards the 0.9932 level, its 200 weekly ema. The alternative scenario will be for the pair to continue its present downside pressure towards the 0.9421 level. Below here will aim at the 0.9366 level and then the 0.9331 level. On the whole, the pair remains biased to the upside in the medium term though seen hesitating.

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