The pair may have backed off the 0.9326 level and closed slightly lower the past week but continues to hold on its medium term bullish tone set from the 0.7068 level, its Aug 09'2011 low. This leaves the possibility of returning to the 0.9326 level on the cards on ending its present price hesitation. Further out, resistance lies at the 0.9400 level, its psycho level with a breach of there creating scope for more upside gain towards the 0.9503 level, its Feb 22'2011 high. Alternatively, the risk to our analysis will be a return below the 0.9063 level, its Nov 30'2011 low with a break turning focus to the 0.8954 level, its Nov 11'11 low followed by the 0.8568 level, its Oct 27'2011 low. A breach of here will pave the way for further weakness targeting its psycho level at 0.8400 level. All in all, the pair remains biased to the upside despite its continued pullback attempt.

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