Continued bearish momentum saw the pair weakening strongly further the past week and increasing the risk of additional weakness in the new week. USDCHF has been weakening since losing upside momentum at 1.1727 in May'2010 and with that trend still intact, the 0.7700 level and then the 0.7600 level, all representing its psycho levels are now beckoning. The use of its psycho levels as supports is necessary due to the absence of any visible support. On a violation of the 0.7600 level, its psycho level standing at 0.7500 will come in as the next downside target. Its weekly and monthly RSI are bearish and pointing lower suggesting further weakness. On any recovery, its July 29'2011 low at 0.7850 will be targeted with a turn above here aiming at its July 13'2011 low at 0.8079. We expect this level to reverse roles as resistance and turn the pair back down in the direction of its long term downtrend. Other resistance levels above the 0.8079 level if taken are located at the 0.8274 level, its July 19'2011 high and the 0.8524 level, its July 01'2011 low. All in all, USDCHF remains weak and vulnerable to the downside in the long term as it looks to weaken further.