Although marginal gains were recorded the past week, the pair continues to retain its short term uptrend triggered from the 0.7068 level. While the 0.8928/18 levels continue to hold as supports, our bias on USDCHF remains to the upside for the resumption of its short term uptrend. This will bring the 0.9180 level as the next upside target with a loss of there allowing further strength towards the 0.9292 level, its April 06'2011 high. Further out, resistance stands at the 0.9340 level, its April 01'2011 high and possibly higher towards the 0.9400 level. Alternatively, support comes in at the 0.8928/18 levels, its Sept 12'2011 high/Sept 29'2011 low where a reversal of roles as support is expected to occur. However, if this fails further weakness could develop towards its Sept 15'2011 low at 0.8647 level. Below here will pave the way for a move further lower towards the 0.8574 level, its Sept 08'2011 low. All in all, the pair remains biased to the upside as it looks t.

Weekly