USDCHF: With the pair backing off higher prices at 0.9675 level to close lower the past week, we could see further weakness in the new week. However, we expect such weakness to be capped by the 0.9421 level, its Jun 18’2012 low. This should hold and drive the pair back up but if that fails to hold, further declines could follow towards the 0.9366 level and then the 0.9300 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, USDCHF will have to return above the 0.9675 level to annul its present bear threats and pave the way for a run at the 0.9850 level and possibly extending towards the 0.9932 level, its 200 weekly ema. On the whole, the pair remains biased to the upside in the medium term though facing bear threats.

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