Though price hesitation continues to occur, broader bias remains to the downside with the 0.9297 level being the next downside target. USDCHF's present downside pressure is coming on the back of a recovery failure at the 0.9783 level, its Jan 11'2011 high. A decisive break below the 0.9297 level will resume its broader long-term weakness towards the 0.9200 level with a violation of there targeting the 0.9100 and then the 0.9000 level, all representing its psycho levels. Its daily studies are bearish and pointing lower supporting this view. Conversely, for the pair to reverse its current downside vulnerability, a climb back above the 0.9783 level must occur. This will set the pair up for further strength towards the 0.9913 level, its Dec 08'2011 high and then the 1.0066 level, its Dec 01'2010 high where a cap is likely to occur and turn it back down. Generally, the pair remains vulnerable to the downside in the long-term./