With USDCHF holding below the 0.9655 level, Aug 06'2012 low and closing lower the past week, risk of further decline is developing. The pair continues to hold on to its downside pressure initiated from the 0.9970 level leaving the risk of further downside pressure towards the 0.9480 level. A violation of here could force more declines towards the 0.9421 level where a breach will aim at the 0.9366 level. Its weekly RSI is bearish and pointing lower supporting this view. The alternative scenario will be for the pair to initially return above the 0.9655 level which should open up further upside towards the 0.9808 level. Further out, resistance resides at the 0.9970 level where a break will resume its broader medium term uptrend towards the 1.0000 level, its 200 weekly ema. On the whole, the pair remains biased to the downside on correction.