The pair continues to weaken and remain vulnerable to the downside. This coming on the back of a break below the 0.9240 level, leaving USDCHF targeting further declines towards the 0.9175 level, its Dec 08'2011 low. A halt may occur here and turn the pair back up but if that level breaks, lower level prices could shape up towards the 0.9063 level, its Nov 30'2011 low. Its daily and weekly RSI are bearish and pointing higher supporting this view. Alternatively, on any recovery, the pair will aim at the 0.9504 level, its Jan 13'2012 low with a loss of there turning risk towards the 0.9591 level. Above here is required to resume its medium term uptrend and shift attention to the 0.9772 level, its Feb 11'2011 high. Further out, a violation of there will allow the pair to strengthen further towards the 0.9913 level, its Dec 07'2010 high followed by its psycho level at 1.0000 level. On the whole, the pair remains biased to the downside on further correction.
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