USDCHF – Although USDCHF continues to hold on to its medium term uptrend, price hesitation remains a concern. The pair will have to convincingly break and hold above the 0.9548 level to reverse its present price hesitation and trigger the resumption of its medium term uptrend towards the 0.9772 level, its Feb 11’2011 high. Above here will extend bull pressure towards the 0.9913 level, its Dec 07’2010 high. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at its Dec 21’2011 low at 0.9240 with a clearance of there turning risk to the 0.9175 level, its Dec 08’2011 low. A halt is likely to occur here and turn the pair back up but if that level snaps, lower level prices will shape up towards the 0.9063 level, its Nov 30’2011 low and next the 0.8954 level, its Nov 11’11 low. All in all, the pair may be holding on to its medium term uptrend but continues to face price hesitation.
