The pair has given back its last week gains and could be heading further lower towards the 0.8928/18 zone. This area is a key support zone and its break could mean deeper corrective weakness possibly towards the 0.8810 level, its daily ema. Further downside, support comes in at its Sept 15'2011 low at 0.8647 level. Below here if seen will pave the way for a move further lower towards the 0.8574 level. Its daily RSI is bearish and pointing lower supporting its corrective weakness. Alternatively, for USDCHF to halt its present bear threats, it will have to break and close above the 1.9316 level, its Oct'2011 high. This if seen will set the stage for a move towards the 0.9340 level, its April 01'2011 high and possibly higher towards the 0.9400 level. All in all, the pair may be retaining its short term uptrend but now faces corrective weakness.
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